Competition Commission gives nod to TPG-API Holdings deal

By: |
December 30, 2020 9:09 PM

The watchdog said it has cleared the acquisition of 51 per cent stake in Mukand Sumi Special Steel Ltd (MSSSL) by Jamnalal Sons Pvt Ltd (JSPL).

Recently, CCI had approved the proposed combination of Medlife and API Holdings.

Competition Commission of India (CCI) on Wednesday said it has cleared the proposed acquisition of around 8 per cent stake by private equity major TPG in API Holdings.

API Holdings is the parent entity of API Holdings Group and of Pharmeasy, a leading e-pharmacy player.

“Commission approves acquisition of 8% (approx.) shareholding of API Holdings by TPG,” the fair trade regulator said in a tweet.

In June, a composite scheme of amalgamation filed by API Holdings was approved by the National Company Law Tribunal (NCLT), as per a notice filed with the regulator.

Recently, CCI had approved the proposed combination of Medlife and API Holdings.

In another tweet, the watchdog said it has cleared the acquisition of 51 per cent stake in Mukand Sumi Special Steel Ltd (MSSSL) by Jamnalal Sons Pvt Ltd (JSPL).

According to a combination notice filed with CCI, both JSPL and Mukand are part of the same group and the proposed combination is an intragroup transfer.

JSPL is an unregistered core investment company holding shares in various Bajaj Group Companies.

MSSSL is into manufacturing, marketing, selling and distribution of special and alloy steel hot rolled bars and hot rolled wire rods.

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