The Competition Commission of India (CCI) approves proposed combination involving the acquisition of 20% of the issued and paid-up equity share capital of Piramal Pharma Limited (Pharma Co.) by CA Clover Intermediate II Investments (Curie), according to Ministry of Corporate Affairs.
As per the proposed combination, the following are terms related to the acquisition: (i) the transfer of global pharmaceutical business (Transferred Business) by Piramal Enterprises Limited (PEL) to a wholly-owned subsidiary of PEL, i.e. Pharma Co., followed by, (ii) the acquisition of 20% of the issued and paid-up equity share capital of Pharma Co. by Curie (Proposed Combination).
Curie is a special purpose acquisition vehicle, through which the transfer of equity will take place, according to a notice of the combination by the regulator. It is owned and controlled by investment funds advised by the affiliates of the Carlyle Group Inc.
The proposed stake sale had already been disclosed by Piramal Enterprises Ltd in a stick exchange notification in late June.
The Carlyle Group is a global alternative asset manager, which manages funds that invest globally across four investment disciplines mainly, Corporate Private Equity, Real Assets, Global Credit and Solutions (private equity fund of funds program and related co-investment and secondary activities).
