CCI Approves Acquisition of AI Lenarco Midco and Convertible Debentures in Manjushree Technopack by Majesty II Pte. Ltd. and Co-Investors

This acquisition is expected to bolster Manjushree Technopack Limited's operational capacity and expand its market presence in India’s rigid plastics packaging industry.

The Competition Commission of India (CCI) has approved the acquisition of AI Lenarco Midco Ltd. by Majesty II Pte. Ltd., alongside the purchase of compulsory convertible debentures in Manjushree Technopack Limited by Ashoka India Equity Investment Trust plc, Nuvama Private Investment Trust, and InCred Growth Partners Fund – I.

The proposed transaction involves two key components:

1. Acquisition by Majesty II Pte. Ltd.

   • Majesty II Pte. Ltd. will acquire the entire equity shareholding in AI Lenarco Midco Ltd., resulting in an indirect majority stake in Manjushree Technopack Limited.
   • Majesty II Pte. Ltd. is part of the PAG Group, an Asia-Pacific-focused alternative investment firm with core strategies in credit and markets, private equity, and real assets.

2. Co-Investment by Minority Stakeholders

   • Ashoka India Equity Investment Trust plc, Nuvama Private Investment Trust, and InCred Growth Partners Fund – I will acquire compulsory convertible debentures in Manjushree Technopack Limited from AI Lenarco Midco Ltd.

The co-investments are classified as minority investments, with each investor bringing unique expertise and financial backing to the partnership.

Profiles of Key Entities

• Majesty II Pte. Ltd.

  • A newly incorporated special-purpose vehicle of the PAG Group.
  • The PAG Group is a prominent investment firm with extensive experience in alternative investments across the Asia-Pacific.

• Ashoka India Equity Investment Trust plc

  • A closed-ended investment company registered in England & Wales.
  • Focuses on long-term capital appreciation by investing in Indian securities.
  • Managed by Acorn Asset Management Ltd., with advisory support from White Oak Capital Partners Pte. Ltd.

• Nuvama Private Investment Trust

  • A SEBI-registered Category II Alternative Investment Fund (AIF) managed by Nuvama Asset Management Limited (AML).
  • Specializes in discretionary and non-discretionary portfolio management services.

• InCred Growth Partners Fund – I

  • A scheme under InCred Alternative Opportunities Trust, registered as a SEBI Category II AIF.
  • Focuses on investing in high-quality businesses across consumer, BFSI, technology, and enterprise segments.

• AI Lenarco Midco Ltd.

  • A Cyprus-based investment holding company under the Advent International Group, a leading global private equity investor.

• Manjushree Technopack Limited

  • India’s leading manufacturer of rigid plastics packaging products, serving diverse industries including FMCG, beverages, and healthcare.

Strategic Importance of the Deal

This acquisition is expected to bolster Manjushree Technopack Limited's operational capacity and expand its market presence in India’s rigid plastics packaging industry. The partnership aligns with global trends of increased private equity participation in high-growth, innovation-driven sectors.

The involvement of experienced investment firms, coupled with Advent International’s proven track record, is anticipated to bring significant operational and strategic advantages to Manjushree. The deal underscores India’s position as an attractive destination for global investors in the manufacturing and packaging sectors.

CCI’s Role and Impact

By approving this transaction, the CCI has reaffirmed its commitment to fostering economic growth while ensuring fair competition. The approval facilitates enhanced investments in India’s packaging sector, which is poised for robust growth due to increased demand from FMCG, pharmaceuticals, and e-commerce industries.

Conclusion The acquisition of AI Lenarco Midco Ltd. and investments in Manjushree Technopack Limited mark a significant milestone in India’s investment landscape. With the participation of global and domestic investors, the deal is set to propel innovation and growth in the rigid packaging industry, supporting India’s vision for industrial expansion and global competitiveness.