The Competition Commission of India has approved the proposed acquisition of certain shareholding of Schott Poonawalla Private Limited by TPG Scion SG Pte. Ltd.

The proposed combination involves the acquisition by TPG Scion SG Pte. Ltd. of certain shareholding in SPPL by way of a secondary purchase from Serum Institute of India Private Limited. (Proposed Combination).

The TPG Scion SG Pte. Ltd. (TPG Scion/Acquirer), is a newly incorporated special purpose investment vehicle incorporated in Singapore on 11^th October 2024 for the purposes of the Proposed Combination. Currently it does not have any operations in India. TPG Scion is an affiliate of the TPG Group, which is a global, diversified investment firm founded in 1992. TPG Scion is ultimately managed 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”.

Schott Poonawalla Private Limited (SPPL/Target) is  engaged in the business of developing, manufacturing and selling, sterile or non-sterile glass containers such as ampoules, vials, cartridges or syringes for primary pharmaceutical packaging and their ancillary components by converting tubular glass into ampoules, vials, cartridge and prefilled syringes or otherwise.

Detailed order of the Commission will follow.

Competition approval for acquisition of shareholding in pharmaceutical packaging firm enables secondary purchase by newly formed investment vehicle. The Competition Commission of India approved a proposed combination under which TPG Scion SG Pte. Ltd., a newly incorporated Singapore special purpose investment vehicle affiliated with the TPG Group, will acquire certain shareholding in Schott Poonawalla Private Limited by way of a secondary purchase from Serum Institute of India Private Limited. Schott Poonawalla Private Limited manufactures sterile and non-sterile glass containers and ancillary components for primary pharmaceutical packaging; TPG Scion currently has no operations in India and was incorporated for the Proposed Combination.