Private equity investors Cairnhill CIPEF Ltd (CCL) and Cairnhill CGPE Ltd (CGL) would acquire 11 per cent stake of Mankind Pharma
Cairnhill CIPEF Ltd (CCL) and Cairnhill CGPE Ltd (CGL), Mauritius based private equity investors would acquire 11 per cent stake in Mankind Pharma. Strategically advised by the Capital Group, a foreign institutional investor in India, the two companies have no earlier stake in the pharmaceutical industry in the country. CCL and CGL will be acquiring shareholding in the pharma company by acquiring stakes from Monet Ltd and one Dinaz Kaul.
Approving the deal, the Competition Control of India has said the transaction is not likely to have any appreciable adverse effect on competition in India.
As reported by PTI,
Citing details provided by the two private equity players, Competition Commission of India (CCI) said neither they nor the funds managed and advised by Capital Group hold any investments in pharmaceutical sector in the country.
“Thus, there is no horizontal overlap between investors and the target (Mankind). Further, since the investors do not have any investment in pharmaceutical sector in India, there is no possibility of any vertical foreclosure resulting from the proposed combination,” CCI said in its order dated June 25 and made public today
Mankind is into the business of manufacturing and trading of pharmaceutical and healthcare products. The company has products in therapeutic areas ranging from antibiotic and antifungal compounds, to gastrointestinal, cardiovascular, dermal, and erectile dysfunction medications. It is reported to be the seventh-largest drug maker of India