The Competition Commission of India (CCI) has approved the acquisition of approximately 24.16% of the total equity shareholding in Quality Care India Limited by Centella Mauritius Holdings Limited.

The proposed combination relates to acquisition of approximately 24.16% of the total equity shareholding in Quality Care India Limited (QCIL) by Centella Mauritius Holdings Limited.

Acquirer

Centella Mauritius Holdings Limited is a newly incorporated special purpose investment vehicle incorporated in Mauritius and currently has no operations in India. The Acquirer is majorly owned and controlled by an entity, which is advised by the affiliates of TPG Inc. (TPG), the ultimate holding company of the TPG group. TPG including its subsidiaries and affiliates, are together referred to as ‘TPG Group’.

The TPG Group operates in India through its various investments with a primary focus on sectors such as financial services, technology, consumer, travel, media, real estate and healthcare.

Target

QCIL is an unlisted public limited company with its registered office in Hyderabad. QCIL is a multispecialty healthcare provider in India. It operates a network of multi-speciality hospitals under the brand name CARE Hospitals across various cities in India. CARE Hospitals has 17 healthcare facilities (16 hospitals and 1 clinic) serving 7 cities across 6 states in India.

Detailed order of the CCI will follow.

Competition approval: acquisition of minority equity stake in multispecialty healthcare provider cleared under merger control scrutiny. CCI approved the acquisition of approximately 24.16% of the equity shareholding in Quality Care India Limited by Centella Mauritius Holdings Limited, a newly incorporated Mauritius special purpose investment vehicle advised by affiliates of a global investor group; the target is an unlisted multispecialty healthcare provider operating CARE Hospitals across multiple Indian states, and a detailed CCI order will follow.