The Competition Commission of India (CCI) has given its approval to the acquisition of Future group's Pantaloon brand business by Aditya Birla Nuvo (ABNL).
The joint notice was filed by Amarchand Mangaldas representing ABNL and AZB & Partners representing Pantaloon Retail (India) Limited on October 8, 2012.
The proposed combination relates to the acquisition of business of Pantaloon Retail by ABNL through Pantaloon Retail’s subsidiary Peter England Fashions & Retail Ltd (PEFRL), by way of a demerger on a going concern basis.
The notice was filed by the parties pursuant to approval of scheme of arrangement by the board of directors on September 9, 2012.
The CCI order dated December 21, 2012 said,“... the Commission is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India”.
Amarchand Mangaldas acted for ABNL with a team led by Competition Law Partner Nisha Kaur Uberoi. Mumbai Managing Partner Cyril Shroff and Partner Nivedita Rao advised on the corporate side.
AZB & Partners advised Pantaloon Retail with a team led by Competition Law Partner Samir Gandhi along with Senior Associate Aparna Mehra and Economist Bidisha Das. On the Corporate side, Mumbai Partner Shuva Mandal led the transaction.
Earlier in August, the CCI had rejected the application filed by the parties seeking approval for this acquisition as the final deal was yet to be approved by the boards of the concerned companies at that time.