 "CCI clears ADIA's minority stake buy in Intas Pharmaceuticals")
Anti-trust regulator Competition Commission of India (CCI) on Monday cleared Platinum Owl's acquisition of a minority stake in Intas Pharmaceuticals.
The proposed transaction involves a secondary acquisition by Platinum Owl of 3 per cent of the equity shareholding of Intas (on an outstanding shares basis).
Platinum Owl is acting in its capacity as a trustee for Platinum Jasmine A 2018 Trust and Abu Dhabi Investment Authority (ADIA) is the sole beneficiary and settlor of the Platinum Jasmine A 2018 Trust.
Intas is engaged in the business of development, manufacture and marketing of pharmaceutical formulations.
In a separate combination, CCI approved acquisition of 100 per cent of the equity and compulsorily convertible debentures of five special purpose vehicles (SPVs) by IndInfravit and allotment of units of IndInfravit to CPHI-4 for the purpose of part-funding the acquisition of SPVs.
The five SPVs are engaged in the operation and maintenance of highways in the states of Andhra Pradesh, Uttar Pradesh, Bihar and Maharashtra.
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Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the market place.
IndInfravit is a registered infrastructure investment trust, while CPHI-4 (CPP Investment Board Private Holdings (4) Inc) is an investment holding company which invests in a diversified portfolio of assets.