The Competition Commission of India (CCI) has approved the acquisition of a minority stake of BDR Pharmaceuticals International (BDR) by Multiples Private Equity Fund III and other investors.
Apart from Multiples, the other investors are SRF Transnational, Balkrishna Industries (BIL), Dharmayug Investments (DIL), QRG Investments and Holdings (QRG), Nishant K. Agarwal, and Mallika Srinivasan (Acquirers).
Under the agreement, SRF Transnational, BIL, DIL, QRG, Agarwal, and Srinivasan are collectively referred to as the ‘Financial Investors’. While the Multiples Fund III, Financial Investors, and BDR are collectively referred to as the ‘Parties’.
As per the deal, Multiples Fund III and financial investors will acquire a minority stake in BDR. The acquisition falls under Section 5(a) of the Competition Act, 2002.
BDR is a pharmaceutical company specialised in four therapeutic segments i.e., oncology, critical care, gynecology, and neurology. It is engaged in the business of – (i) manufacturing and sale of active pharmaceutical ingredients; (ii) manufacture and sale of formulations; and (iii) contract development and manufacturing services.
Multiples Fund III is a Category II Alternative Investment Fund with the Securities and Exchange Board of India and is being managed by Multiples Alternate Asset Management. It belongs to the Multiples group, which, through its portfolio companies, is directly or indirectly engaged in sectors including film exhibition, financial services, banking, etc. in India.