The Competition Commission of India (CCI) has approved a proposed deal involving Serum Institute Life Sciences, Covidshield Technologies and Biocon Biologics. Once the deal is complete, Serum Institute Life Sciences Pvt Ltd will have about 15 percent stake in Biocon Biologics Ltd, according to the notice filed with the regulator.

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Covidshield Technologies Pvt Ltd (CTPL), a wholly-owned subsidiary of Serum Institute of Life Sciences, will be merged into Biocon Biologics.

In a tweet on Wednesday, the watchdog said it has cleared the "merger by absorption of Covidshield Technologies into Biocon Biologics in consideration for acquisition of approximately 15 percent equity shareholding of Biocon Biologics by Serum Institute Life Sciences."

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CTPL was incorporated to undertake the business of marketing, selling and distributing vaccines, drugs and other pharmaceutical products.

Biocon Biologics Ltd is a subsidiary of Biocon Ltd. It offers treatment for chronic and acute diseases such as diabetes, oncology, nephrology, cancer, and autoimmune diseases. The company also has research and development centres and manufacturing facilities.

Deals beyond certain thresholds require approval from the CCI, which keeps a tab on anti-competitive practices in the market place.