Aditya Birla Fashion and Retail Limited acquisition of TCNS Clothing gets CCI nod

Aditya Birla Fashion and Retail Limited’s (ABFRL) acquisition of TCNS Clothing Co Limited has got the approval from India’s antitrust regulator Competition Commission of India (CCI).

“The proposed combination involves acquisition of 51 percent of the expanded share capital of the target TCNS Clothing Co Limited by the acquirer Aditya Birla Fashion and Retail Limited,” the competition watchdog said in a press release.

TCNS Clothing runs brands Aurelia, W, Wishful, Folksong, and Elleven so the acquisition deal is expected to strengthen and diversify Aditya Birla Fashion and Retail’s fashion portfolio.

Earlier in May this year, ABFRL had announced that it has entered into a definitive agreement to acquire 51 per centstake in TCNS Clothing.

The value of the promoter stake for TCNS, ABFRL had said was Rs 1,650 crore ($201.3 million) for the 51 percent stake. This is a part-cash, part-equity deal.

Aditya Birla Fashion and Retail Ltd is a listed company and a 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.