CCI approves the proposed transaction with certain modifications
DLF Utilities, a subsidiary of DLF, has entered into definitive agreements to sell its cinema exhibition business operated under the brand name of DT Cinemas, to PVR, subject to approval of applicable statutory and regulatory approvals and satisfaction of customary conditions precedent.In continuation of the above, DLF announced that the Hon'ble Competition Commission of India vide its letter dated 04 May 2016 has approved the proposed combination in terms of sub-section (7) of the Section 31 of the Competition Act, 2002. A copy of the order is available on the CCI website, whereby the CCI has approved the proposed combination in relation to acquisition of DT Cinemas, with certain modifications, which inter alia include exclusion of DT Savitri (1 screen) and DT Saket (6 screens) from the proposed combination. Both parties are initiating the necessary steps to successful closing of this transaction.
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