New Delhi: Ahmedabad-based Torrent Pharmaceuticals has sought fair trade regulator CCI’s clearance to acquire a majority stake in in JB Chemicals and Pharmaceuticals in a Rs19,500-crore deal.After the completion of the deal, Torrent Pharmaceuticals will become India’s second most valued pharma company.

The development came after Torrent Pharmaceuticals in June this year announced the acquisition of a majority stake in JB Chemicals and Pharmaceuticals in a Rs19,500-crore deal. “The proposed combination relates to acquisition of shareholding by the acquirer (Torrent Pharmaceuticals Ltd) in the target (JB Chemicals & Pharmaceuticals Ltd) and the subsequent amalgamation of the target with the acquirer,” according to a notice filed with the Competition Commission of India (CCI). Torrent Pharmaceuticals is the flagship company of the Torrent group and is engaged in the business of manufacturing and sale of pharmaceutical formulations (FDFs) across therapeutic segments.