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CCI Approves Torrent Pharma,s ₹19,500 Crore Acquisition of J. B. Chemicals & Pharmaceuticals with Modifications

CCI approves acquisition of J. B. Chemicals & Pharmaceuticals Limited by Torrent Pharmaceuticals Limited with voluntary modifications
by: Sudam Pendhare

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New Delhi (22 Oct. 2025) - The Competition Commission of India (CCI) has granted approval to Torrent Pharmaceuticals Limited for its acquisition of a controlling stake in J. B. Chemicals & Pharmaceuticals Limited (JB Chemicals). The landmark deal, valued at approximately ₹19,500 crore, has been cleared subject to compliance with voluntary modifications offered by the parties.

The proposed combination involves Torrent Pharma acquiring a significant shareholding in JB Chemicals, followed by the subsequent amalgamation of the target company with the acquirer.

Deal Significance and Market Impact
  • Second Largest Pharma Deal: The transaction is set to be the second largest in India,s pharmaceutical sector, following Sun Pharmaceutical Industries acquisition of Ranbaxy Laboratories in 2015.
  • Voluntary Modifications: The approval is contingent on the companies adhering to certain voluntary modifications proposed to the competition watchdog, likely addressing potential overlaps or competition concerns in specific therapeutic segments. Details of these modifications will be outlined in the CCI,s detailed order, which is expected to follow.
  • New Market Position: Upon the successful completion and merger, the deal is projected to elevate Torrent Pharmaceuticals to the position of India,s second most valued pharmaceutical company.
    • Transaction Details
  • Acquisition Structure: Torrent Pharma,s plan involves acquiring a majority stake in JB Chemicals. This includes:
  • Purchasing a 46.39% stake from the existing promoters, Tau Investment Holdings Pte Ltd (an affiliate of KKR).
  • Acquiring an additional 2.80% from select JB Chemicals employees.
  • Subsequently making a mandatory open offer to acquire up to 26% from public shareholders, in compliance with SEBI regulations.
    • Business Profiles:
  • Torrent Pharmaceuticals is the flagship company of the Torrent group, primarily engaged in the manufacturing and sale of Finished Dosage Formulations (FDFs) across various therapeutic segments.
  • J. B. Chemicals & Pharmaceuticals is involved in manufacturing and marketing a diverse range of FDFs, Active Pharmaceutical Ingredients (APIs), and also offers Contract Development and Manufacturing Organisation (CDMO) services.


    • This regulatory clearance is a major step forward, paving the way for one of the largest consolidations in the Indian pharmaceutical industry in recent history.