CCI Approves Aditya Birla Fashion Retail’s Stake Purchase in TCNS Clothing
CCI Approves Aditya Birla Fashion Retail’s Stake Purchase in TCNS Clothing
The Competition Commission of India (CCI) has approved the acquisition of TCNS Clothing Company Ltd by Aditya Birla Fashion and Retail Ltd (ABFRL).
The proposed combination involves acquisition of 51 per cent of the expanded share capital of TCNS Clothing Company Limited by Aditya Birla Fashion and Retail Ltd.
The deal involved a combination of cash and equity and valued the promoter stake at approximately Rs. 1,650 crores.
Aditya Birla Fashion is a listed company and part of the Aditya Birla conglomerate. It is engaged in retailing of branded products within the apparel, footwear and accessories segment, through its retail stores, online retail platforms and e-commerce marketplaces.
TCNS is a listed company engaged in the business of manufacturing, distribution and sale of women’s apparel, jewellery, footwear and beauty products, currently undertaken under the brands W, Aurelia, Wishful, Elleven and Folk Song.
In May 2023, ABFRL had announced that it has entered into definitive agreements to acquire a 51 per cent stake in women's branded apparel company TCNS.
