CCI approves acquisition of Indo Gulf Fertilisers by Indorama

The Competition Commission of India (CCI) on Friday approved the acquisition of Indo Gulf Fertilisers by Indorama India Pvt Ltd (IIPL).

This was done under Section 31(1) of the Competition Act 2002, according to an official statement.

The proposed combination relates to the acquisition by IIPL of Indo Gulf Fertilisers -- the fertiliser division of Grasim Industries Ltd -- as a going concern on a slump sale basis.

IIPL is principally engaged in manufacture, trading and sale of fertilisers -- primarily, phosphatic fertilisers and speciality plant nutrients.

Grasim Industries is engaged in production of viscose staple fibre, chloralkali, fertiliser, textiles and insulators. It is also engaged in producing cement and providing financial services through its subsidiaries.

Indo Gulf Fertilisers is engaged in manufacture, trade and sale of urea, customised fertilisers, agri-inputs, crop protection, plant and soil health products and specialty fertilisers.

( With inputs from ANI )