Anti-trust regulator CCI clears Abu Dhabi Investment Authority minority stake acquisition in Intas Pharma

Written by Ruchika Sharma Published On 2022-10-11T11:15:03+05:30 | Updated On 11 Oct 2022 11:51 AM IST

Anti-trust regulator CCI clears Abu Dhabi Investment Authority minority stake acquisition in Intas Pharma

New Delhi: Anti-trust regulator Competition Commission of India (CCI) has cleared Platinum Owl's acquisition of a minority stake in Intas Pharmaceuticals. The proposed transaction involves a secondary acquisition by Platinum Owl of 3 percent of the equity shareholding of Intas (on an outstanding shares basis).

Platinum Owl is a restricted scope company (private limited company), incorporated in the Abu Dhabi Global Market (ADGM). It is acting in its capacity as trustee for Platinum Jasmine A 2018 Trust, which was established under the laws of the ADGM by a deed of settlement dated 27 January 2019. Abu Dhabi Investment Authority (ADIA) is the sole beneficiary and settlor of the Platinum Jasmine A 2018 Trust. ADIA is a public institution established as an independent investment institution by the Government of the Emirate of Abu Dhabi.

Intas is a public company engaged in the business of development, manufacture and marketing of pharmaceutical formulations and is the ultimate parent company of the Intas group. The products of Intas have a pan-India presence and have an extensive portfolio of specialty and generic pharmaceuticals exported globally from its manufacturing facilities in India.

In a separate combination, CCI approved acquisition of 100 percent of the equity and compulsorily convertible debentures of five special purpose vehicles (SPVs) by IndInfravit and allotment of units of IndInfravit to CPHI-4 for the purpose of part-funding the acquisition of SPVs.

Read also: CCI approves acquisition of majority shareholding in Optimus Drugs by Sekhmet Pharmaventures

The five SPVs are engaged in the operation and maintenance of highways in the states of Andhra Pradesh, Uttar Pradesh, Bihar and Maharashtra.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the market place.

IndInfravit is a registered infrastructure investment trust, while CPHI-4 (CPP Investment Board Private Holdings (4) Inc) is an investment holding company which invests in a diversified portfolio of assets.

Competition Commission of IndiaCCIPlatinum OwlacquisitionIntas PharmaIntas Pharma newsAbu Dhabi Investment Authority

Source : with inputs

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751