CCI Approves Acquisition of Berhyanda and Berhyanda MidCo by Platinum Poppy
The Competition Commission of India (CCI) has approved the acquisition of ordinary shares of Berhyanda Limited and Berhyanda MidCo Limited by Platinum Poppy, a restricted scope company established in the Abu Dhabi Global Market.
Competition Commission Of IndiaAbu Dhabi Investment AuthorityPlatinum PoppyBerhyandaBerhyanda MidcoSuven PharmaceuticalsPharmaceutical IndustryReal EstateInfrastructurePrivate EquityReal EstateJul 18, 2024
Platinum Poppy is a restricted scope company incorporated in the Abu Dhabi Global Market, specifically established to invest 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 the Emirate of Abu Dhabi as an independent investment institution. ADIA manages a global investment portfolio across more than two dozen asset classes and sub-categories, including developed equities, emerging market equities, small cap equities, government bonds, credit, fixed income, real estate, infrastructure, private equity, cash, and alternatives. In India, ADIA has made sector-agnostic investments and has previously invested in various sectors such as real estate, financial services, insurance, pharmaceuticals, and agrochemicals.
Berhyanda and Berhyanda MidCo are wholly owned by funds managed by Advent International, L.P., and both entities are investment holding companies. Suven Pharmaceuticals Limited, on the other hand, is a public listed company incorporated in India and is listed on BSE Limited and National Stock Exchange Limited. Suven was incorporated in 2018 and is engaged in the manufacture and sale of active pharmaceutical ingredients and intermediates in India, as well as the provision of contract development and manufacturing for intermediates in India.
The detailed order of the CCI will follow soon. This acquisition is expected to have a significant impact on the pharmaceutical industry in India, and it will be interesting to see how it unfolds in the coming months.
Frequently Asked Questions
What is the role of Abu Dhabi Investment Authority (ADIA) in this acquisition?
ADIA is the ultimate beneficiary of Platinum Poppy, and it manages a global investment portfolio across more than two dozen asset classes and sub-categories.
What are the business activities of Suven Pharmaceuticals Limited?
Suven Pharmaceuticals Limited is engaged in the manufacture and sale of active pharmaceutical ingredients and intermediates in India, as well as the provision of contract development and manufacturing for intermediates in India.
Who are the ultimate owners of Berhyanda and Berhyanda MidCo?
Berhyanda and Berhyanda MidCo are wholly owned by funds managed by Advent International, L.P.
What is the significance of this acquisition in the pharmaceutical industry in India?
This acquisition is expected to have a significant impact on the pharmaceutical industry in India, and it will be interesting to see how it unfolds in the coming months.
What is the role of the Competition Commission of India (CCI) in this acquisition?
The CCI has approved the acquisition of ordinary shares of Berhyanda Limited and Berhyanda MidCo Limited by Platinum Poppy C 2024 RSC Limited.
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