Drug firm Vivimed Labs today said the Competition Commission has given its approval to a deal with Clariant Chemicals India to sell some products in its speciality chemicals division.
"The Competition Commission of India vide its letter dated December 21, 2015, has granted its approval, under Section 31(1) of the Competition Act, 2002, with respect to the proposed acquisition of certain products in Speciality Chemicals division of the company by Clariant India Ltd," Vivimed Labs said in a BSE filing.
The order of the CCI will be received in due course of time, the company said, adding that other permits and approvals required for the deal are awaited and expected shortly.
In September, Vivimed had signed a pact for sale of some of products in its speciality chemicals division to Clariant Chemicals India at an enterprise value of Rs 380 crore.
The company has signed a definitive agreement for the transfer and sale of identified products within speciality division to company Clariant AGs subsidiary Clariant Chemicals India Ltd.
Vivimed Labs shares were trading 1.14 per cent up at Rs 432.90 apiece on the BSE in the morning trade.