CCI approves major takeovers in steel and pharmaceuticals sectors

The Competition Commission of India (CCI) has given the green light to two major acquisition deals, according to an official announcement. First, the CCI approved the indirect controlling acquisition of Arjas Steel Private Limited (ASPL) and its subsidiary Arjas Modern Steel Private Limited (AMSPL) by The Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL).

SMIORE, a publicly listed company, is primarily engaged in mining of iron and manganese ores, as well as production and sale of ferroalloys and coke in India. BHPL, a subsidiary of SMIORE, is a newly incorporated entity with no revenue-generating operations anywhere in the world. ASPL and AMSPL, collectively known as Target, are engaged in manufacturing of steel products and intermediate goods such as billets. In another move, the CCI approved the acquisition by Platinum Poppy C 2024 RSC Limited (Platinum Poppy) of ordinary shares in Berhyanda Limited and Berhyanda MidCo Limited, giving it an indirect economic interest in Suven Pharmaceuticals.

Platinum Poppy, a limited liability company registered with Abu Dhabi Global Market, was established for the sole purpose of investing in Berhyanda entities. Abu Dhabi Investment Authority (ADIA), a diversified global investment manager, is the ultimate beneficial owner of Platinum Poppy. Berhyanda Limited and Berhyanda MidCo Limited, managed by Advent International, operate as investment holding companies. Suven Pharmaceuticals, a publicly listed company on the Indian Stock Exchange, specializes in the production and sale of active pharmaceutical ingredients and intermediates and offers contract development and manufacturing services.

(Based on information from the agency.)