The Competition Commission of India (CCI) has approved acquisition of additional equity shareholding by Heineken International BV (HIBV) in United Breweries Ltd (UBL).
The proposed transaction relates to HIBV's potential acquisition of additional equity stake up to a maximum of 16.4 per cent shareholding in UBL.
The CCI action is under Section 31(1) of the Competition Act 2002, said a statement released by the Ministry of Corporate Affairs on Tuesday.
HIBV is an investment holding company and not engaged in any business activity. It is a direct/ indirect shareholder for all non-Dutch companies that form part of the Heineken Group.
Heineken Group is an international group of companies engaged in the production, manufacture, packaging, distribution, marketing and sale of beer, non-alcoholic beer, cider and cider-based beverages besides a range of other beverages.
UBL is a public limited company incorporated under the Companies Act 1956 and is engaged in manufacture, sale and distribution of beer in India.
UBL's shares are listed on BSE Ltd and National Stock Exchange (NSE) of India Ltd.
( With inputs from ANI )
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