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CCI approves Tirumala Milk Products’ acquisition of Sunfresh Agro Industries, Prabhat’s dairy biz

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The Competition Commission of India (CCI) Tuesday said it has given nod to to acquire ’s subsidiary as well as the company’s dairy business.

CCI approves Tirumala Milk Products' acquisition of Sunfresh Agro Industries, Prabhat's dairy biz
In January, Prabhat Dairy in a regulatory filing said the France-based Lactalis' Indian subsidiary Tirumala Milk Products was acquiring its dairy business for Rs 1,700 crore, which is 1.09 times its sales in 2017-18 of Rs 1,554 crore

In a tweet, the fair trade regulator said CCI “approves acquisition by Tirumala Milk Products Pvt. Ltd of (a) Prabhat Dairy Limited’s subsidiary Sunfresh Agro Industries Private Limited; and (b) dairy business of Prabhat Dairy.”

According to a PTI report: In January, Prabhat Dairy in a regulatory filing said the France-based Lactalis’ Indian subsidiary Tirumala Milk Products was acquiring its dairy business for Rs 1,700 crore, which is 1.09 times its sales in 2017-18 of Rs 1,554 crore.

Besides the dairy business, the transaction also involves sale of 100 percent shareholding in Sunfresh Agro Industries, a step-down subsidiary of Prabhat, via a share purchase agreement, the company said.