By: ICN Bureau
Last updated : August 02, 2021 8:19 am
The proposed combination envisages a series of interconnected steps pursuant to which GV Promoter Group will hold stake only in/comparatively greater stake in DSML.
The Competition Commission of India (CCI) has received notice under Green Channel for acquisition of certain undertakings of Dhampur Sugar Mills (DSML) by Dhampur Bio Organics Limited (DBOL) in a series of interconnected steps.
The promoter – manager family group of DSML comprises two families, viz., the group represented by Gaurav Goel or the GV Promoter Group, and the group represented by Gautam Goel or the GT Promoter Group. Gaurav Goel and Gautam Goel are presently the managing directors of DSML.
The proposed combination envisages a series of interconnected steps pursuant to which GV Promoter Group will hold stake only in/comparatively greater stake in DSML (which will hold the Dhampur and Rajpura units); and GT Promoter Group will hold stake only in/comparatively greater stake in DBOL (which will hold the Asmoli, Mansurpur, and Meerganj units).
DSML is a public company and has five manufacturing units situated in the state of Uttar Pradesh. DSML has manufacturing facilities of sugar, power, industrial alcohol, ethanol, chemicals and potable alcohol with different capacities. The equity shares of DSML are listed on the Stock Exchanges.
DBOL is a public company, limited by shares, incorporated under the provisions of the Companies Act, 2013. At present, all the shares of the DBOL are held by DSML and its nominees, such that DBOL is a wholly owned subsidiary of DSML. The objects of DSML are similar to those of DBOL, i.e. to carry out the dealing in and manufacturing of sugar, power and industrial alcohol, ethanol, chemicals and potable alcohol. However, at present, DBOL is yet to commence operations.