New Delhi, Jan 9 (PTI) Fair trade regulator Competition Commission of India (CCI) on Tuesday said it has cleared IMCD India Pvt Ltd's acquisition of an additional 30 per cent equity stake in Signet Excipients.

Signet Excipients is engaged in the business of sales, marketing, distributing, importing, or exporting of excipients used for pharmaceuticals, food, API products, and other related products for pharmaceutical formulation.

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The proposed combination relates to the acquisition of the remaining 30 per cent equity stake in Signet Excipients Private Ltd by IMCD India Pvt Ltd by exercising a call option, according to a official release.

IMCD India is an indirect wholly-owned subsidiary of Rotterdam-based IMCD NV.

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It is engaged in sales, marketing, and distribution of specialty chemicals, including food and pharma ingredients in the Indian market.

Signet Excipients is jointly controlled by IMCD and its promoters. Currently, IMCD India and the promoters hold 70 per cent and 30 per cent of the equity stake in Signet Excipients, respectively.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)