CCI Approves Major Acquisitions Involving Arjas Steel and Suven Pharmaceuticals

The Competition Commission of India (CCI) has approved two major acquisitions, according to an official statement.

First Acquisition:

The CCI has approved the indirect acquisition of Arjas Steel Private Limited (ASPL) and its subsidiary, Arjas Modern Steel Private Limited (AMSPL), by The Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL).

• Acquirers: SMIORE and BHPL.
• Target: ASPL and AMSPL.
• Details: SMIORE, a listed company, is involved in mining iron and manganese ores, producing ferroalloys, and making coke in India. BHPL is newly formed and doesn’t have any revenue activities. ASPL and AMSPL make and sell steel products, heavy ingots, and intermediate products like billets.

Second Acquisition:

The CCI also approved the acquisition of shares in Berhyanda Limited and Berhyanda MidCo Limited by Platinum Poppy C 2024 RSC Limited (Platinum Poppy). This gives Platinum Poppy an indirect economic interest in Suven Pharmaceuticals Limited (Suven), as Berhyanda holds a 50.1% stake in Suven.

• Acquirer: Platinum Poppy.
• Details: Platinum Poppy is a company set up in Abu Dhabi for investing in Berhyanda and Berhyanda MidCo. It is backed by the Abu Dhabi Investment Authority (ADIA), which manages a wide range of global investments. Berhyanda and Berhyanda MidCo are investment holding companies managed by Advent International, L.P. Suven is a publicly listed company in India that makes and sells pharmaceutical ingredients and provides contract development and manufacturing services.