CCI clears Piramal Enterprises-Pfizer deal

NEW DELHI: Fair trade regulator CCI has approved Ajay Piramal-led Piramal Enterprises' proposed acquisition of four brands from pharmaceutical major Pfizer.

As per the deal announced in May, Piramal Enterprises' consumer products division entered into an agreement to acquire four brands from Pfizer Ltd for a consideration of Rs 110 crore.

Competition Commission of India (CCI), which keeps a tab on unfair business ways across sectors, has approved the deal, as per the latest update available at the watchdog's website.

According to the announcement in May, the acquisition includes brands Ferradol, Neko, Sloan's and Waterbury's compound.

The agreement was also for trademark rights for Ferradol and Waterbury's Compound in Bangladesh and Sri Lanka, the company had said.

Piramal Enterprises, a flagship company of the Piramal Group, has interests in healthcare and financial services, among others.