No CCI directive to sell biz for merger nod with Sun: Ranbaxy

Ranbaxy Laboratories, which is in the process of a USD 4 billion merger with Sun Pharma, today said the two firms as on date have not received any direction from the CCI to sell parts of their businesses as a pre-condition to approve the deal.
The company also said it and Sun Pharma were awaiting Competition Commission of India (CCI) decision on "certain submissions" over their merger deal.
Reacting to reports that CCI may ask the parties to sell parts of their businesses as a pre-condition to approve the merger, Ranbaxy said in a filing to the BSE: "We wish to clarify that as on date we have not received any such communication from the CCI to divest any part of the business(s)."

Without elaborating, Ranbaxy said: "The parties have made certain submissions to the CCI on which decision of the CCI is awaited," the filing said.
In August, CCI had asked Sun Pharma and Ranbaxy to make public details of their proposed transaction in what was probably the first instance where the competition watchdog ordered a public scrutiny of a proposed merger and acquisition deal to ensure compliance to fair trade regulations.
The proposed deal, announced in April, would create the fifth largest speciality generics company in the world and the largest pharmaceutical company in India.
The combined entity would have operations in 65 countries, 47 manufacturing facilities across 5 continents, and a significant platform of speciality and generic products marketed globally.