Business News | CCI approves two acquisitions including Arjas Steel and Suven Pharmaceutical

New Delhi (India), July 19 (ANI): The Competition Commission of India (CCI) has given approval for two major acquisitions, according to an official statement by the CCI.

First, the CCI approved the indirect controlling acquisition of Arjas Steel Private Limited (ASPL) and its wholly owned subsidiary, Arjas Modern Steel Private Limited (AMSPL), by The Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL). ASPL and AMSPL are collectively referred to as the Target, while SMIORE and BHPL are collectively referred to as the Purchasers.

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According to CCI, SMIORE, a listed company, is primarily engaged in mining of iron ore and manganese ore, production and sale of ferroalloys and production and sale of coke in India. BHPL, a subsidiary of SMIORE, is a recently incorporated company that does not have any revenue generating activities in India or globally. The target entities, ASPL and AMSPL, are engaged in the production and sale of steel products, heavy bars and intermediate products such as billets.

In another decision, the CCI approved the acquisition of ordinary shares of Berhyanda Limited and Berhyanda MidCo Limited by Platinum Poppy C 2024 RSC Limited (Platinum Poppy). This transaction will enable Platinum Poppy to secure an indirect, non-voting economic interest in Suven Pharmaceuticals Limited (Suven) as Berhyanda holds a 50.1% stake in Suven.

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The CCI found that Platinum Poppy is a limited liability company registered with the Abu Dhabi Global Market, incorporated solely for the purpose of investing in Berhyanda and Berhyanda MidCo. The ultimate beneficiary of Platinum Poppy is the Abu Dhabi Investment Authority (ADIA), a public institution established by the government of Abu Dhabi. ADIA manages a diversified global investment portfolio across asset classes including equities, bonds, real estate, infrastructure, private equity and others.

Berhyanda and Berhyanda MidCo are wholly owned by funds managed by Advent International, LP, and both entities operate as investment holding companies. Suven, a publicly traded company listed in India, is engaged in the production and sale of active pharmaceutical ingredients and intermediates, and provides contract development and manufacturing services. (ANI)

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