The Competition Commission of India has approved the proposed acquisition of (i) AI Lenarco Midco Ltd. by Majesty II Pte. Ltd and (ii) certain compulsory convertible debentures in Manjushree Technopack Limited from AI Lenarco by Ashoka India Equity Investment Trust plc, Nuvama Private Investment Trust and InCred Growth Partners Fund – I.

The proposed combination involves the acquisition by Majesty II Pte. Ltd of the entire equity shareholding in AI Lenarco Midco Ltd., which will result in indirect acquisition of the majority equity shareholding in Manjushree Technopack Limited (Proposed Combination). Ashoka India Equity Investment Trust plc, Nuvama Private Investment Trust and InCred Growth Partners Fund – I (collectively, Co-Investors) propose to acquire compulsory convertible debentures in Manjushree Technopack Limited from AI Lenarco Midco Ltd. (Proposed Co-Investment Transactions). The Proposed Co-Investment Transactions are minority investments.

The Majesty II Pte. Ltd (Majesty II/Acquirer 1), is a newly incorporated special purpose vehicle, and an investment holding company of the PAG group. PAG group is a leading alternative investment firm focused on the Asia-Pacific region. PAG has a long track record of success in the region, driven by the combination of PAG’s three core strategies viz. credit and markets, private equity, and real assets.

Ashoka India Equity Investment Trust plc (Ashoka India Equity/Acquirer 2), is a closed-ended investment company incorporated in England & Wales with an indefinite life and is registered as an investment company. The investment objective of Ashoka India Equity is to achieve long-term capital appreciation, mainly through investment in securities listed in India and listed securities of companies with a significant presence in India. Acorn Asset Management Ltd. is the investment manager and White Oak Capital Partners Pte. Ltd. (Singapore) (White Oak Capital) is the investment adviser to Ashoka India Equity.

Nuvama Private Investment Trust (Nuvama/Acquirer 3) (acting through their investment manager Nuvama AML) is registered with Securities and Exchange Board of India (SEBI) as a Category – II Alternative Investment Fund (AIF). The investment manager, Nuvama AML provides discretionary portfolio management services (PMS), nondiscretionary PMS, and advisory services.

InCred Growth Partners Fund – I (IGPF – I/Acquirer 4) is a scheme under InCred Alternative Opportunities Trust (IAOT) and is registered with SEBI as a Category II AIF. The investment manager of IGPF – I is InCred Alternative Investments. IGPF - I invests in high quality private businesses across: (i) Consumer; (ii) Banking, Financial Services and Insurance; (iii) Technology; and (iv) Enterprise segments.

AI Lenarco Midco Ltd. (AI Lenarco/Target 1) is a Cyprus-based investment holding company of Advent International group.

Manjushree Technopack Limited (Manjushree/Target 2) is engaged in the business of manufacturing and sale of rigid plastics packaging products in India.

Detailed order of the Commission will follow.

Acquisition approval: transfer of control in an investment holding company leading to indirect majority stake in a packaging firm. The Commission approved Majesty II Pte. Ltd.'s acquisition of AI Lenarco Midco Ltd., effecting an indirect majority acquisition of Manjushree Technopack Limited, and approved minority co investment transactions by Ashoka India Equity Investment Trust plc, Nuvama Private Investment Trust, and InCred Growth Partners Fund I to acquire compulsory convertible debentures in Manjushree from AI Lenarco Midco Ltd.