Bharat Biotech International to acquire shares of Eastman Exports Global Clothing | Popgen Tech

Bharat Biotech International Ltd will acquire shares in Tirupur-based leading apparel export firm Eastman Exports Global Clothing (EEGC) through a share purchase agreement.

BBIL ​​manufactures human vaccines and biotherapeutics.

The Competition Commission of India (CCI) has approved the proposed transaction.

According to reports, the deal was approved under the green channel route, in which a transaction that does not pose a risk of material adverse effect on competition is deemed to be approved after being notified to the competition watchdog.

The proposed merger involves Bharat Biotech International Ltd’s (BBIL) acquisition of shares in leading apparel exporter Eastman Exports Global Clothing (EEGC). This is through a share subscription agreement, a share purchase agreement.

“Given the absence of horizontal overlaps, vertical and/or complementary linkages between the activities of BBIL (including its affiliates) and EEGC, the proposed merger is notified under the green channel route,” the CCI said.