CCI Approves Major Acquisitions in Steel and Pharmaceuticals Sectors

The Competition Commission of India (CCI) has approved significant acquisitions, including the controlling acquisition of Arjas Steel and its subsidiary by SMIORE and BAG Holdings, and the indirect economic interest in Suven Pharmaceuticals by Platinum Poppy.

The Competition Commission of India (CCI) has greenlit two major acquisition deals, according to an official announcement. Firstly, the CCI has sanctioned the indirect controlling acquisition of Arjas Steel Private Limited (ASPL) and its subsidiary, Arjas Modern Steel Private Limited (AMSPL), by The Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL).

SMIORE, a publicly listed firm, primarily operates in the mining of iron and manganese ores, along with the production and sale of ferroalloys and coke in India. BHPL, an affiliate of SMIORE, is a newly-formed entity without any revenue activities globally. ASPL and AMSPL, referred to as the Target, are involved in manufacturing steel products and intermediate goods like billets. In another move, the CCI approved Platinum Poppy C 2024 RSC Limited's (Platinum Poppy) acquisition of ordinary shares in Berhyanda Limited and Berhyanda MidCo Limited, providing it an indirect economic interest in Suven Pharmaceuticals.

Platinum Poppy, a restricted scope company incorporated in the Abu Dhabi Global Market, was established solely for investing in Berhyanda entities. The Abu Dhabi Investment Authority (ADIA), a diversified global investment manager, is the ultimate beneficiary of Platinum Poppy. Berhyanda Limited and Berhyanda MidCo Limited, managed by Advent International, serve as investment holding companies. Suven Pharmaceuticals, a publicly traded Indian company, specializes in the manufacture and sale of active pharmaceutical ingredients and intermediates and offers contract development and manufacturing services.

(With inputs from agencies.)