New Delhi, Competition Commission of India (CCI) on Tuesday said it has approved the internal reorganisation of certain businesses of Bennett Coleman & Company Ltd (BCCL).
“The proposed combination pertains to an internal reorganisation of BCCL intended for demerging of certain entities, businesses, undertakings, assets and liabilities (EIBME Business) from BCCL to THPL on a going concern basis and certain other interconnected steps,” the regulator said in a release on Tuesday.
Times Horizon Pvt Ltd (THPL) is a newly incorporated entity and does not have any business activities.
BCCL is the publisher of the ‘Times of India‘ newspaper and other publications.
In the notice filed with the regulator seeking approval for the deal, it was mentioned that the proposed combination is being undertaken for BCCL to reorient and reorganise its businesses in a manner that allows imparting greater focus on each of its businesses and assets and make the most of the opportunities presented by the various businesses of BCCL.
Sanmati Properties Ltd, Bharat Nidhi Ltd, Arth Udyog Ltd, TM Investments Ltd, Vineet Jain, THPL, BCCL, P N B Finance and Industries Ltd, Camac Commercial Company Ltd, Samir Jain, Meera Jain, Esoterica Services Ltd and Ashoka Viniyoga Ltd are the parties to the combination, as per the notice.
The release on Tuesday said that BCCL and its group entities are engaged in various businesses such as publishing of news, journals, books and other literary works across the print and digital medium, real estate classifieds, television broadcasting, digital products and services and radio entertainment.
Mergers and acquisitions beyond a certain threshold require CCI approval. PTI
