The Competition Commission has approved the Rs 233-crore deal for the acquisition of Birla Textile Mills (BTM) by Sutlej Textiles and Industries. "The Competition Commission of India (CCI) has communicated to us their approval," Sutlej Textiles and Industries said in a filing to the BSE. Birla Textile Mills is the textile division of Chambal Fertilisers and Chemicals, located at Baddi, Himachal Pradesh. "The consideration for purchase of BTM from Chambal works out be Rs 232.63 crore (including net current assets) subject to closing and other adjustments, if any," Sutlej Textiles and Industries had earlier said in a regulatory filing. Sutlej Textiles & Industries, the flagship company of the KK Birla Group, had received the approval from its Board of Directors to acquire Birla Textile Mills in March this year.
CCI approves acquisition of Birla Textile Mills
Press Trust of India |