CCI clears ADIA investment in Intas Pharmaceuticals

“The commission approves acquisition by Platinum Owl (ADIA investor) of 3% of the equity shareholding of Intas,” the CCI said in a tweet.

The ChrysCap-backed firm is being valued at $7.8 billion or ₹62,500 crore, two people with direct knowledge of the deal said, seeking anonymity.

In 2006, ChrysCapital first invested in Intas. Subsequently it had raised its stake to 12.5%. In 2014, it sold 10.16% to Temasek before picking up a 3% stake in 2020 from Capital International, at valuation of $4.25 billion. ChrysCapital now holds a 6% stake in Intas.

Following this deal, Temasek’s stake will be down from 10.6% to 7%. Intas promoters, the Chudgar family, own 84% in the firm.

Early in the year, Temasek had agreed to sell a 3% stake in the drug maker to ADIA funds.

Established in 1977 by Hasmukh Chudgar, the generics drug maker is run by his sons Nimish and Binish. It operates 15 manufacturing facilities in India, Europe and Mexico.

“Platinum Owl (ADIA) itself is not engaged in any business activity that is similar to Intas. However, Galderma India Pvt. Ltd, a portfolio company of the ADIA group, is engaged in the manufacture and sale of various dermatological products similar to the dermatological products manufactured by Intas, including shampoos, acne treatment products and other hair care and skin care products,” the CCI said.

The CCI said Galderma and Intas’s business activities have interests across topical anti-acne preparations, dermatological preparations, anti-fungal dermatologicals, topical antipsoriasis products, topical corticosteroids, and topical corticosteroid combinations.