Fair trade regulator CCI has approved Manipal Health Enterprises' proposed sale of its 24.75 per cent stake to Singapore-based investment firm TPG Asia VI SF Private Ltd, saying the deal does not raise anti-competitive concerns.
In an order released today, the Competition Commission of India (CCI) said that "the proposed combination is not likely to have an appreciable adverse effect on competition in India in any of the relevant market(s)".
The proposed deal involves acquisition of up to 24.75 per cent stake of the healthcare services provider by TPG Asia -- part of global private investment group TPG.
Simultaneously, Manipal proposes to acquire certain real estate assets of its group firm Manipal Health Systems Private Ltd, engaged in providing hospital services, through demerger.
CCI observed that TPG Asia, nor any of its portfolio companies of provision of hospital services, in India.
"Accordingly, there are no horizontal overlaps between the parties," CCI said in the order.
"Further, though there have been some vertical arrangements between the portfolio companies of TPG SF and Manipal Health Enterprises, it is observed that the same is not of any significant nature to raise any competition concern," it added.
It also noted that Manipal Health Systems "does not provide services outside the Manipal Group and therefore, the demerger is not likely to raise any competition concern".
The parties had approached CCI for approval on the deal in December.
