Jurisdiction - India
India – CCI Approves Temasek Group’s Acquisition In Intas Pharmaceuticals.

13 October, 2014


On September 2, 2014, CCI approved the proposed acquisition of 10.16% of the equity share capital of Intas Pharmaceuticals Limited (‘Intas’) from Mozart Limited (‘Mozart’) by Dunearn Investments (Mauritius) Pte. Ltd. (‘Dunearn’) pursuant to a Share Purchase Agreement and Shareholders’ Agreement whereby Dunearn would secure all the affirmative voting rights earlier available to Mozart. The parties filed the notice with CCI pursuant to an application made to the Foreign Investment Promotion Board (‘FIPB’) by Intas. 

The CCI noted that Dunearn is a Mauritian investment holding company and an indirect subsidiary of Temasek Holding (Private) Limited (‘Temasek’) and that Intas is a vertically integrated Indian pharmaceutical company with global operations. It further ntoted that the Temasek group has only minority investments in companies engaged in the pharmaceutical and health sector in India, including Medreich Ltd. (‘Medreich’) a pharmaceutical company in India and that Temasek would be divesting its shareholdings in Medreich.

The CCI also noted that the horizontal overlaps between Medreich and Intas are minimal. Moreover, there were no significant vertical linkages between the Temasek group and the business of Intas in India. In light of these factors, CCI found no likelihood of AAEC resulting from the proposed combination and accordingly it approved the transaction.



For further information, please contact:


Zia Mody, AZB & Partners
[email protected]


Abhijit Joshi, AZB & Partners 
[email protected]

Shuva Mandal, AZB & Partners 
[email protected]


Samir Gandhi, AZB & Partners
[email protected]

Percy Billimoria, AZB & Partners 
[email protected]


Aditya Bhat, AZB & Partners 
[email protected]

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