New Delhi: The Competition Commission of India (CCI) has announced its approval for two
major acquisitions, according to an official statement. Firstly, the CCI has sanctioned the
indirect controlling acquisition of Arjas Steel Private Limited (ASPL) and its wholly owned
subsidiary, Arjas Modern Steel Private Limited (AMSPL), by The Sandur Manganese & Iron
Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL). ASPL and AMSPL
are collectively termed as the Target, while SMIORE and BHPL are referred to as the
Acquirers.
SMIORE, a publicly listed company, is primarily involved in the mining of iron ore and
manganese ore, the production and sale of ferroalloys, and the production and sale of coke in
India. BHPL, an affiliate of SMIORE, is a newly established company without any
revenue-generating operations in India or globally. The Target companies, ASPL and
AMSPL, specialize in the manufacturing and sale of steel products, heavy ingots, and
intermediate products such as billets.
In another decision, the CCI has given the green light for the acquisition of ordinary shares of
Berhyanda Limited and Berhyanda MidCo Limited by Platinum Poppy C 2024 RSC Limited
(Platinum Poppy). This acquisition allows Platinum Poppy to gain an indirect non-voting
economic interest in Suven Pharmaceuticals Limited (Suven), since Berhyanda holds a 50.1
percent stake in Suven.
According to the CCI, Platinum Poppy is a restricted scope company established in the Abu
Dhabi Global Market, created solely for investing in Berhyanda and Berhyanda MidCo. The
ultimate beneficiary of Platinum Poppy is the Abu Dhabi Investment Authority (ADIA), a
public institution founded by the Government of Abu Dhabi. ADIA manages a diverse global
investment portfolio across various asset classes, including equities, bonds, real estate,
infrastructure, and private equity.
Berhyanda and Berhyanda MidCo are fully owned by funds managed by Advent
International, L.P., and both entities operate as investment holding companies. Suven, a
publicly listed company in India, is engaged in the manufacture and sale of active
pharmaceutical ingredients and intermediates, and provides contract development and
manufacturing services.
