- March 27, 2019 / 2 min readThe Competition Commission of India has given approval to Tirumala Milk Products to buy Sunfresh Agro Industries.
The Competition Commission of India (CCI) has given approval to Tirumala Milk Products to buy Sunfresh Agro Industries, a subsidiary of Prabhat Dairy.
The fair trade regulator said, "CCI approves acquisition by Tirumala Milk Products Pvt. Ltd of (a) Prabhat Dairy Limited's subsidiary Sunfresh Agro Industries Private Limited; and (b) dairy business of Prabhat Dairy."
In January, Prabhat Dairy said that Tirumala Milk Products, France-based Lactalis' Indian subsidiary, was buying its dairy business for Rs 1,700 crore, which is 1.09 times their sale in 2017-18 of Rs 1,554 crore.
Apart from the dairy business, the transaction further involves the sale of 100% shareholding in Sunfresh Agro Industries through a share purchase agreement.
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