Aditya Birla to resubmit CCI application over Pantaloon take-over

Aditya Birla to resubmit CCI application over Pantaloon take-over

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Indian company Aditya Birla Nuvo Ltd on August 22, 2012 said that it will once again approach the Competition Commission for the final details of the proposed take over of Pantaloon retail business from Future Group. The two companies in a joint statement revealed that they are committed in giving effect the memorandum of understanding.

The joint statement from the companies also said that they are in the process of finalizing certain details of the transaction and the scheme of arrangement. The statement was released after CCI said that earlier application from Kumar Mangalam Birla led group firm and Pantaloon retail was not valid. The companies also clarified that the application was not rejected.