CCI clears US PE firm TPG's proposal to acquire stake in Schott Poonawalla

Fair trade regulator CCI on Tuesday granted clearance to US-based private equity firm TPG's proposal to acquire a stake in Schott Poonawalla from billionaire Adar Poonawalla-led Serum Institute of India.

Schott Poonawalla is engaged in the business of designing and manufacturing primary packaging solutions for pharmaceutical and biotech industries.

"The proposed combination involves the acquisition by TPG Scion SG Pte Ltd of certain shareholding in SPPL (Schott Poonawalla Pvt Ltd) by way of a secondary purchase from Serum Institute of India Pvt Ltd," CCI said in a release.

Mumbai-headquartered Schott Poonawala is a 50:50 joint venture between Serum Institute of India and SCHOTT Pharma AG & Co, which is part of German speciality glass firm SCHOTT AG.

TPG Scion SG is a special-purpose investment vehicle and an affiliate of the TPG Group, which is a global diversified investment firm founded in 1992.

In a separate release, the Competition Commission of India (CCI) on Tuesday approved the Alpha Wave Ventures' proposal to buy a 12.44 per cent stake in Advanta Enterprises Ltd.

Alpha Wave Ventures II, LP (AWV II) is the flagship global private equity fund managed by Alpha Wave Ventures GP, a joint venture between Alpha Wave Global and Lunate Holding RSC Ltd.

AWV II aims to invest in best-in-class growth-stage companies and endeavours to be helpful long-term partners.

Advanta is engaged in the business of breeding, producing, researching, developing, introducing, and commercialising, sale, purchase, export and import of seeds and seed varieties.

In another release, the competition watchdog also cleared the proposed combination involving acquisition of pharma solution segment and product lines of Nourish segment of International Flavors & Fragrances Inc (IFF) by Roquette Freres SA.

Roquette is a family-owned French company active in the production and sale of plant-based ingredients, excipients, and plant proteins for various applications.

It is active in India through several Indian-based subsidiaries namely Crest Cellulose, Sethness-Roquette India, and Roquette India.

The business is present in India through Danisco Nutrition and Biosciences India Pvt Ltd.