The Competition Commission of India (CCI) has approved acquisition of remaining 30% equity stake in Signet Excipients Private Limited by IMCD India Private Limited.

The proposed combination relates to the acquisition of the remaining 30% equity stake in Signet Excipients Private Limited (Target) by IMCD India Private Limited (Acquirer) by exercising a call option.

The Acquirer is an indirect wholly owned subsidiary of IMCD N.V. and is located in Mumbai, India. IMCD N.V. is a Dutch entity and has a presence across various jurisdictions. The acquirer is engaged in the sales, marketing, and distribution of specialty chemicals including food and pharma ingredients in the Indian market through the following product segments: (i) Pharmaceutical Excipients; (ii) Food and Nutrition Ingredients and Excipients; (iii) Coatings and Construction chemicals; (iv) Advanced Materials (Plastic Additives and Composites); (v) Lubricants and Fuels chemicals and additives; (vi) Textile chemicals and additives; and (vii) Beauty and Personal Care ingredients.

Target, is jointly controlled by IMCD and its promoters. Currently, the Acquirer and the Promoters hold 70% and 30% of the equity share capital of Target, respectively. Target does not have any presence outside of India, except for minimal sales by way of exports in the Indian subcontinent and Africa. Target is engaged in the business of sales, marketing, distributing, importing, or exporting of excipients used for pharmaceuticals, nutraceuticals, biotech, food, API products, and any other related products for pharmaceutical formulation.

Detailed order of the CCI will follow.

Competition approval for acquisition of remaining promoter stake by call option consolidates control in a pharmaceutical excipients distributor. The CCI approved IMCD India Private Limited's acquisition of the remaining promoter equity in Signet Excipients Private Limited by exercising a call option, consolidating ownership in a company engaged in sale, marketing, distribution, import and export of excipients and related inputs for pharmaceutical, nutraceutical, biotech, food and API formulations; the target's operations are primarily domestic with limited exports and a detailed CCI order will follow.