New Delhi, February 17 The Competition Commission of India (CCI) said on Tuesday that it has approved the internal reorganization of certain businesses of Bennett Coleman & Company Ltd (BCCL).
"The proposed combination involves an internal reorganization of BCCL aimed at separating certain entities, businesses, undertakings, assets, and liabilities (EIBME Business) from BCCL to THPL on a going concern basis, as well as certain other interconnected steps," the regulator said in a statement on Tuesday.
Times Horizon Pvt Ltd (THPL) is a newly incorporated entity and has no 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 reorganize its businesses in a way that allows for greater focus on each of its businesses and assets, and to capitalize on 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, according to the notice.
The statement on Tuesday said that BCCL and its group entities are involved in various businesses such as the publication of newspapers, journals, books, and other literary works across print and digital media, real estate classifieds, television broadcasting, digital products and services, and radio entertainment.
Mergers and acquisitions exceeding a certain threshold require CCI approval.
