New Delhi [India], July 19 : The Competition Commission of India (CCI) has granted approval for two significant acquisitions, as per an official statement by the CCI.
Firstly, the CCI has 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 Acquirers.
According to the CCI, SMIORE, a listed company, operates primarily in the mining of iron ore and manganese ore, the production and sale of ferroalloys, and the production and sale of coke in India. BHPL, an affiliate of SMIORE, is a recently incorporated company without any revenue-generating activities in India or worldwide. The Target entities, ASPL and AMSPL, are engaged in the manufacturing and sale of steel products, heavy ingots, and intermediate products like billets.
In another decision, the CCI has 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 percent stake in Suven.
The CCI stated that Platinum Poppy is a restricted scope company incorporated in the Abu Dhabi Global Market, established solely for 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 diverse global investment portfolio across various asset classes, including equities, bonds, real estate, infrastructure, private equity, and more.
Berhyanda and Berhyanda MidCo are wholly owned by funds managed by Advent International, L.P., and both entities function as investment holding companies. Suven, a publicly listed company in India, is engaged in the manufacture and sale of active pharmaceutical ingredients and intermediates and provides contract development and manufacturing services.
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