The Competition Commission of India (CCI) has received a combination notice for approval regarding the acquisition of a stake in API Holdings Limited, a leading player in the pharmaceutical and healthcare sector.
The proposed transaction involves 360 ONE Large Value Fund – Series 13 (360 ONE LVF) and Claypond Capital Partners Private Limited acquiring compulsorily convertible preference shares (CCPS B) of API Holdings from its existing shareholder, MEMG Family Office LLP.
360 ONE LVF is a scheme of 360 ONE Private Equity Fund, managed by 360 ONE Alternates Asset Management Limited (AAML). It is a Category II Alternative Investment Fund (AIF) that invests across multiple sectors in India and globally.
Claypond Capital, affiliated with the Pai Family Group, is engaged in consulting and advisory services. API Holdings operates in various healthcare segments, including pharmaceutical distribution, telemedicine, diagnostics, e-commerce platforms for medical sales, and healthcare technology development.
The acquirers argue that the transaction does not raise competition concerns. However, to assist the CCI’s assessment, several relevant markets have been identified, including diagnostics services, tele-medical consultations, and the retail and wholesale sale of over-the-counter pharmaceutical products.
If approved, the deal could strengthen API Holdings’ position in India’s healthcare and pharmaceutical distribution landscape. The industry is closely watching the CCI’s decision, which may influence future private equity-backed transactions in the sector, economy watchers said.
