Competition Commission of India (CCI) approves subscription of CCPS B of API Holdings by MEMG LLP and 360 One

Recently, the Competition Commission of India (CCI) has approved the subscription of CCPS B of API Holdings by MEMG LLP and 360 One.

CCI approves subscription of CCPS B

The proposed combination envisages subscription of Class B Compulsorily Convertible Preference Shares (CCPS B) of the target by the acquirers (the proposed combination). The proposed combination involves acquisitions and is covered under Section 5(a)(i)(A) of the Competition Act, 2002 (as amended).

MEMG Family Office LLP (Acquirer 1/MEMG LLP)

• It is a limited liability partnership incorporated in India.
• It belongs to the Pi family group.
• It is able to provide consulting and advisory services to clients in India.

360 One Private Equity Fund

• The Fund, through its investment manager, 360 One Asset Management Limited (AML), collectively known as “Acquirer 2/360 One”.
• The fund is registered with SEBI as Category II AIF.
• It has been established with the aim of investing in various sectors in India and around the world.
• It is managed by its Investment Manager i.e. AML.
• AML provides investment management services to the schemes of 360 One Mutual Fund and alternative investment funds of 360 One Group.

API Holdings Limited

• It is an unlisted public company.
• This company is directly or indirectly engaged in various activities related to the field of pharmaceutical and healthcare in India.

About Competition Commission of India (CCI)

The Competition Commission of India (CCI) was established under the Competition Act, 2002 for the administration, implementation and enforcement of the Act and was duly constituted in March, 2009.

Objective

• Preventing practices that have an adverse effect on competition.
• Promoting and maintaining competition in markets.
• To protect the interests of consumers and ensure freedom of trade.

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