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Mumbai, September 13, 2020
The Competition Commission of India (CCI) today approved the proposed combination involving the acquisition of 20% of the issued and paid-up equity share capital of Piramal Pharma Limited by CA Clover Intermediate II Investments.
The proposed combination relates to the transfer of global pharmaceutical business by Piramal Enterprises Limited (PEL) to a wholly-owned subsidiary of PEL, followed by the acquisition of 20% of the issued and paid-up equity share capital of the pharma company, Piramal Pharma Limited, by Curie.
Curie is a special purpose acquisition vehicle, owned and controlled by investment funds advised by the affiliates of the Carlyle Group Inc.
The Carlyle Group is a global alternative asset manager, which manages funds that invest globally across four investment disciplines: Corporate Private Equity (buyout and growth capital), Real Assets (real estate, infrastructure and energy and renewable resources) Global Credit (leveraged loans and structured credit, opportunistic credit, energy credit, private credit and distressed credit) and Solutions (private equity fund of funds program and related co-investment and secondary activities).
The pharma company is a wholly-owned entity of PEL that will hold PEL’s transferred business as part of the proposed combination, and acquire the pharmaceutical business of PEL comprising the Contract Development and Manufacturing Organisation (CDMO), Complex Hospital Generics (CHG), and Consumer Healthcare Division (CHD)segments, as well as an equity interest in certain PEL entities.