On Friday, Zydus Wellness said that the National Company Law Tribunal (NCLT) has approved the amalgamation scheme of its two subsidiaries, that is, Heinz India Pvt Ltd with Zydus Nutritions Ltd. Post the amalgamation, Heinz India will cease to exist.
In January, Zydus Wellness announced the completion of its Rs 4,595-crore acquisition of Heinz India's consumer wellness business. Heinz India is known for its popular brands Complan, Glucon D and Nycil.
"National Company Law Tribunal Bench at Ahmedabad has passed an order dated May 10, 2019, approving the scheme of amalgamation between two subsidiaries, Heinz India Pvt Ltd with Zydus Nutritions Ltd (ZNL). Upon amalgamation, Heinz has ceased to be in existence and also to be the subsidiary of the company," Zydus Wellness said in the regulatory filing.
It further said that the scheme will be effective from 24 May 2019.
The company had announced its acquisition agreement with Heinz India, a subsidiary of US-based Kraft Heinz, in October 2018.
Cadila Healthcare holds a majority stake in Zydus Wellness, that has a strong hold in the consumer-based market in India.
Shares of Cadila Healthcare rose over 1 percent to an intraday high of Rs 256.80 on Friday.