CCI approves acquisition of 20 percent stake in Piramal Pharma by Carlyle Group
The estimated equity capital investment for Carlyle's 20 percent stake in Piramal Pharma would amount to around USD 490 million, it said.
New Delhi: The Competition Commission of India (CCI) on Friday said it has approved acquisition of 20 percent stake in Piramal Pharma by US-based global investment firm Carlyle Group Inc.
Piramal Enterprises, in a regulatory filing, in June had said Carlyle Group Inc will buy 20 percent stake in Piramal Pharma for around USD 490 million (over Rs 3,700 crore).
a CA Clover Intermediate II Investments, an affiliated entity of CAP V Mauritius Ltd, an investment fund managed and advised by affiliated entities of The Carlyle Group Inc has agreed to invest fresh equity capital for a 20 percent stake in Piramal Pharma Ltd,' the Ajay Piramal-led company had said.
The estimated equity capital investment for Carlyle's 20 percent stake in Piramal Pharma would amount to around USD 490 million, it said.
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The final amount of equity investment will depend on the net debt, exchange rate and performance against the pre-agreed conditions at the time of closing of the deal, it said.
Giving nod to the deal, the fair trade regulator in a tweet said the 'Commission approves proposed acquisition of 20% equity share capital of Piramal Pharma Limited (Pharma Co.) @PiramalPharma by Curie (Carlyle)'.
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