CCI approves Bayer-Monsanto deal

Fair trade regulator CCI has approved the acquisition of US-based biotech major Monsanto by German chemical and pharma major Bayer AG.

However, the approval is subject to compliance of "certain modifications".

Bayer is buying out Monsanto in a USD 66 billion deal.

In a tweet, the Competition Commission of India (CCI) said it has approved "acquisition of Monsanto by Bayer AG, subject to compliance of certain modifications".

Earlier in January, CCI had launched a public consultation process to determine whether the billion dollar merger deal between Bayer and Monsanto to create the world's largest seeds and pesticide firm will have any adverse impact on competition in India.

Mergers and acquisitions beyond a certain threshold require approval of the CCI.

Both the companies have presence in India, with the US firm selling genetically modified (GM) cotton seeds in the country for more than a decade.