nirma shares: CCI approves Nirma’s acquisition of Glenmark Life Sciences

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

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

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

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

Nirma’s spokeswoman could not be reached for comment. A Glenmark spokeswoman declined to comment.

GLS is engaged in active pharmaceutical ingredient (API) manufacturing and CDMO (Consignment Development and Manufacturing) business.

Nirma, a privately held company, was founded in 1969 by Karsanbhai Patel, who sold low-cost detergents in Gujarat as a door-to-door salesman. Currently a manufacturer of various chemical products such as soda ash, caustic soda, detergents and edible salt, the privately held company has reported revenue of Rs 11,349 crore as of fiscal 2023.