CCI approves acquisition of TCNS Clothing by Aditya Birla Fashion
The Competition Commission of India (CCI) on 27th June approved the acquisition of TCNS Clothing Co Limited by Aditya Birla Fashion and Retail Limited.
An overview of the news
ABFRL is a listed company and a part of the Aditya Birla group of companies.
It operates in the retail industry, specifically in the apparel, footwear, and accessories segments.
The company sells branded products through various channels, including retail stores, online platforms, and e-commerce marketplaces.
TCNS Clothing is another listed company that specializes in the manufacturing, distribution, and sale of women's apparel, jewelry, footwear, and beauty products.
It owns several brands such as W, Aurelia, Wishful, Elleven, and Folk Song.
In May of the current year, ABFRL announced its plan to acquire a 51% stake in TCNS Clothing.
The deal involved a combination of cash and equity and valued the promoter stake at approximately Rs 1,650 crore.
ABFRL reported a loss of Rs 186.94 crore in the fiscal fourth quarter of FY 2022-23, compared to a profit of Rs 43.59 crore in the same quarter of the previous year.
Competition Commission of India (CCI)
The Competition Commission of India (CCI) is the chief national competition regulator in India.
It was set up under the Competition Act, 2002
It comes under the Ministry of Corporate Affairs.
It promotes healthy market competition and prevents activities that have an adverse effect on competition in India.
CCI also approves combinations under the act so that two merging entities do not overtake the market.
Headquarter - New Delhi
Current Chairman - Ravneet Kaur
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