ANI

The Competition Commission of India (CCI) has approved Ahmedabad-based detergent-to-cement conglomerate Nirma’s acquisition of a majority stake in Glenmark Life Sciences (GLS), the competition watchdog said in a statement.

Nirma in September has agreed to acquire 75% of Glenmark Life Sciences (GLS) in a deal valued at Rs 5,651.5 crore, or Rs 615 per share.

The deal is Nirma’s biggest bet in the pharmaceutical sector.

The acquisition will trigger a mandatory open offer to all public shareholders of GLS for an additional 17%.

Nirma’s spokesperson couldn’t be reached. Glenmark’s spokesperson declined to comment.

GLS is into manufacture of active pharmaceutical ingredients (APIs) and contract development and manufacturing organisation (CDMO) business.

Nirma, an unlisted company, was set up by Karsanbhai Patel in 1969 who sold his low-priced detergents in Gujarat as a door-to-door salesman. The unlisted company, now a persified manufacturer of chemicals such as soda ash, caustic soda, detergents and edible salt, reported sales of Rs 11,349 crore as on fiscal 2023.