The Competition Commission of India has approved the proposed combination involving acquisition of pharma solution segment and product lines of Nourish segment of International Flavors & Fragrances Inc.(IFF) by Roquette Frères S.A.(Roquette).

The Proposed Combination involves acquisition by Roquette of the Pharma Solutions business and certain product lines of the Nourish business (i.e., collectively the Target Business) of IFF by way of Roquette’s purchase of equity interest in certain IFF entities that collectively house / are proposed to house the Target Business.

Roquette is a family-owned French company active in the production and sale of plant-based ingredients, excipients, and plant proteins for various applications. Roquette is active in India through several Indian-based subsidiaries, namely Crest Cellulose Pvt. Ltd., Sethness-Roquette India Ltd., and Roquette India Pvt. Ltd.

The Target Business is currently part of IFF, a U.S. public company listed on the New York Stock Exchange. The Target Business primarily comprises the business, operations and activities of IFF’s Pharma Solutions segment, with certain adjustments to include relevant businesses and product lines of the Nourish segment. The “Pharma Solutions” segment produces a variety of cellulosics and other types of plant-based pharmaceutical excipients. The “Nourish” segment comprises flavours, and ingredients such as texturising solutions and food designs. The Target Business is present in India through one entity, namely Danisco Nutrition and Biosciences India Private Limited.

Detailed order of the Commission will follow.