The Competition Commission of India (CCI) has approved the acquisition of ordinary shares in Berhyanda Limited and Berhyanda MidCo Limited by Platinum Poppy C 2024 RSC Limited.
The acquisition involves Platinum Poppy securing ordinary shares and extending shareholder debt to Berhyanda and Berhyanda MidCo. This move will grant Platinum Poppy an indirect, non-voting economic interest in Suven Pharmaceuticals Limited, as Berhyanda currently holds a 50.1% stake in Suven.
Platinum Poppy, incorporated in the Abu Dhabi Global Market, is a restricted scope company established for the purpose of investing in Berhyanda and Berhyanda MidCo. The Abu Dhabi Investment Authority (ADIA) is the ultimate beneficiary of Platinum Poppy. ADIA, a public institution set up by the Government of the Emirate of Abu Dhabi, manages a global investment portfolio across more than two dozen asset classes including equities, bonds, real estate, infrastructure, private equity, and alternatives. In India, ADIA has invested in various sectors such as real estate, financial services, insurance, pharmaceuticals, and agrochemicals.
Berhyanda and Berhyanda MidCo are wholly owned by funds managed by Advent International, L.P., and serve as investment holding companies.
Suven Pharmaceuticals Limited, incorporated in 2018, is a publicly listed company in India, traded on BSE Limited and National Stock Exchange Limited. Suven specializes in the manufacture and sale of active pharmaceutical ingredients and intermediates, as well as providing contract development and manufacturing services in India.
