 "Competition Commission approves Future Consumer-Grasim deal")
Future Consumer Enterprise has received Competition Commission of India (CCI) approval to buy consumer products business of Grasim Industries, part of Aditya Birla Group.
Kishore Biyani-led Future Consumer Enterprise is engaged in the business of sourcing, branding, marketing and distribution of FMCG, food and grocery products.
A diversified entity, Grasim Industries has interests in viscose staple fibre, cement and chemicals, among others. Its consumer product division business includes those related to skin care, baby care and hand sanitisers.
CCI, which keeps a tab on unfair business practices across sectors, has approved the deal, as per the regulator's website.
In May last year, Grasim had signed a Business Transfer Agreement with Future Consumer Enterprise for the sale of its consumer products division on a slump sale basis.
