New Delhi, Jul 18 (PTI) The fair trade regulator CCI on Thursday said it has approved the proposed acquisition of stake in Berhyanda and Berhyanda MidCo Ltd by an arm of Abu Dhabi Investment Authority.

Berhyanda and Berhyanda MidCo are wholly-owned funds managed by Advent International, LP. Both entities are investment holding companies.

“The Competition Commission of India (CCI) has approved the acquisition, inter alia, of ordinary shares of Berhyanda Ltd (Berhyanda) and Berhyanda MidCo Ltd (Berhyanda MidCo) by Platinum Poppy C 2024 RSC Ltd (Platinum Poppy),” CCI said in a release.

Platinum Poppy is a restricted scope company incorporated in the Abu Dhabi Global Market. It has been established solely for the purpose of investing into Berhyanda and Berhyanda MidCo. Abu Dhabi Investment Authority (ADIA) is the ultimate beneficiary of Platinum Poppy.

“The proposed combination involves the acquisition of ordinary shares in, and extension of shareholder debt to Berhyanda and Berhyanda MidCo by Platinum Poppy, pursuant to which, Platinum Poppy will secure an indirect non-voting economic interest in Suven Pharmaceuticals Ltd (Suven), as Berhyanda currently holds 50.1 per cent stake in Suven,” the release added.

Suven is a public listed company and is engaged in the manufacturing and sale of active pharmaceutical ingredients and intermediates and provision of contract development and manufacturing for intermediates in India.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace. PTI HG MR