Indian MNC API wins FDI
The Competition Commission of India (CCI) has approved the acquisition by Singapore and Korean investors through TPG Growth V SF Markets Pte Ltd of 8% (approx.) of the equity shareholding of API Holdings Private Limited under Section 31(1) of the Competition Act, 2002.
Singapore-registered TPG as of date does not have any physical presence and investments in India.
TPG, along with TPG Global, LLC and its affiliates, and Korean Investment Corporation (KIC) will fund the acquisition, said CCI on 30 Dec 2020.
Founded in 2005, KIC is a global investor and contributes to the growth of Korea’s finance industry, by managing assets entrusted by the Korean Government, Bank of Korea and public funds.
API Holdings is a company incorporated in India and is the ultimate parent entity of the API Holdings group. API Holdings, either directly or through its subsidiaries, will carry out various business activities.
These activities will include:
wholesale sale and distribution of drugs (including pharmaceutical products, medical devices and over the counter (OTC) drugs);
provision of transportation services primarily focused on the pharmaceutical sector;
owning technology and intellectual property for developing e-commerce platforms including marketplaces for facilitating the sale of pharmaceutical products, medical devices and OTC drugs;
manufacturing (through contract manufacturing) and marketing of pharmaceutical, ayurvedic and nutraceutical products, medical devices, hygiene products, life-saving medicines, herbal products and food supplements. #investment #acquisition #portfolios #industries /fiinews.com
