CCI Clears Coforge Acquisition Of Majority Stake In Cigniti Technologies

The Competition Commission of India has approved Coforge Ltd.'s proposal to acquire a majority stake in Cigniti Technologies Ltd.

According to the proposal, the company will acquire at least 50.21% and up to 54% of Cigniti Technologies on a fully diluted basis, CCI said in a release.

"Commission approves acquisition of certain equity shares (majority shareholding) of Cigniti Technologies Ltd by Coforge Ltd," CCI said in a post on X (formerly Twitter).

In May, Coforge's board of directors approved the acquisition of a 54% stake in Cigniti Technologies.

Coforge has agreed to enter into a share purchase agreement with the promoters and select public shareholders of Cigniti, subject to the execution of definitive agreements and the completion of certain identified conditions precedent.

CCI said on Tuesday, in another post, that it has granted approval to Mitsui & Co. to acquire a stake in Sneha Farms Pvt. In March this year, Mitsui & Co. announced that it had decided to invest in Sneha Farms, one of India's leading broiler producers.

(With Inputs From PTI)