Bharat Biotech International's acquisition of Eastman Exports gets Competition Commission approval

26 Mar 2024 , 03:14 PM

On Monday, the Indian Competition Commission said that it has authorized Bharat Biotech International Ltd’s planned share purchase agreement to acquire shares in Eastman Exports Global Clothing Pvt Ltd.

The deal has been given the green channel route approval, which means that a transaction has been informed to the competition watchdog and poses no risk of having a significant negative impact on competition.

The fair trade regulator announced its approval of the agreement in a release posted to the CCI website.

The proposed merger entails Bharat Biotech International Ltd. (BBIL) purchasing shares of Eastman Exports Global Clothing (EEGC) through a share subscription agreement and share purchase agreement.

“The proposed combination is being notified via the green channel route,” CCI stated. “Given that there are no horizontal overlaps, vertical and/or complementary linkages between the activities of the BBIL (including its affiliates) and EEGC.”

While EEGC is involved in the business of sourcing, purchasing, distributing, and selling yarn, fabric, and garments, BBIL is involved in the activity of producing human vaccines and biotherapeutics.

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