Competition Commission of India (CCI), has approved the acquisition of TCNS Clothing Co Limited by Aditya Birla Fashion and Retail Limited’s (ABFRL).
Brands like Aurelia, W, Wishful, Folksong, and Elleven fall under the wing of TCNS Clothing and with this acquisition, ABFRL is looking forward to strengthening the market hold and diversifying its brand portfolio.
The part-cash, part-equity wherein the value of the promoter stake for TCNS is Rs. 1,650 crore (US $ 201.3 million) for the 51 per cent stake as said by ABFRL.
CCI commented in a press release, “The proposed combination involves acquisition of 51 per cent of the expanded share capital of the target TCNS Clothing Co Limited by the acquirer Aditya Birla Fashion and Retail Limited.”
