CCI approves proposed acquisition of 11-20% of shareholding of AWL Agri Biz by Lence

Lence (Acquirer) is a wholly-owned subsidiary of Wilmar International and belongs to the Wilmar Group

The Competition Commission of  India has approved the proposed acquisition of 11 per cent to 20 per cent of shareholding of the AWL Agri Business Limited by Lence.

AWL Agri Business (formerly – Adani Wilmar) (Target) is engaged in FMCG business comprising primarily of edible oil, food, FMCG and Industry essential segments (including soaps, cleaners, etc.).

Lence (Acquirer) is a wholly-owned subsidiary of Wilmar International and belongs to the Wilmar Group. Wilmar Group does not have a direct business presence in India except through the Target and Shree Renuka Sugars (SRS). SRS is engaged in the business of milling, refining and selling of sugar.

The proposed transaction involves acquisition of up to a maximum of 20 per cent of the paid-up equity share capital, and a minimum of 11 per cent of the paid-up equity share capital of the Target by the Acquirer (Proposed Combination).  As on date, the acquirer already holds 43.94 per cent of the paid-up equity share capital of the Target. Accordingly, post the Proposed Combination, the Acquirer will hold a maximum of 63.94 per cent and a minimum of 54.94 per cent paid-up equity share capital of the Target.