Latest News | Competition Comm Clears Aditya Birla Fashion Retail's Stake Purchase in TCNS Clothing

New Delhi, Jun 27 (PTI) Anti-trust regulator Competition Commission of India (CCI) on Tuesday cleared the acquisition of a stake in TCNS Clothing Co by Aditya Birla Fashion and Retail Ltd.

Aditya Birla Fashion and Retail Ltd (ABFRL) is engaged in retailing of branded products, including apparel, footwear and accessories segment. The entity is a listed company and a part of the diversified conglomerate Aditya Birla Group.

Also Read | Tomato Price Rise in Madhya Pradesh: Tomato Prices Soar to Rs 110 per Kg in Indore Due to Drop in Supply.

The proposed combination involves the acquisition of 51 per cent of the share capital of TCNS Clothing Co Ltd by Aditya Birla Fashion and Retail Limited, the competition watchdog said in an official release.

TCNS Clothing Co Ltd is a listed entity, engaged in the business of manufacturing, distribution, wholesale cash and carry trading and sale of women's apparel.

Also Read | Vegetable Prices Spike Due to Inadequate Rains, Soaring Temperature in Karnataka.

Last month, ABFRL announced that it has entered into definitive agreements to acquire a 51 per cent stake in women's branded apparel company TCNS Clothing.

Deals beyond a certain value require approval from CCI, as it keeps a tab on unfair business practices 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)