New Delhi: Fair trade regulator Competition Commission of India (CCI) has approved the acquisition of US-based biotech major Monsanto by German chemical and pharma major Bayer AG.
The approval, however, is subject to compliance of “certain modifications”.
Bayer is buying out Monsanto in a $66 billion deal.
In a tweet, CCI said it has approved “acquisition of Monsanto by Bayer AG, subject to compliance of certain modifications”.
Earlier in January, CCI had launched a public consultation process to determine whether the multi-billion-dollar merger deal between Bayer and Monsanto to create the world’s largest seeds and pesticide firm will have any adverse impact on competition in India. Mergers and acquisitions (M&As) beyond a certain threshold require approval of the CCI.
Both the companies have presence in India, with the US firm selling genetically modified (GM) cotton seeds in the country for more than a decade.