CCI approves acquisition by MacRitchie Investments in 91Streets, Ascent and API
- The Competition Commission of India (CCI) has approved acquisition by MacRitchie Investments (MacRitchie) in 91Streets Media Technologies (91Streets), Ascent Health and Wellness Solutions (Ascent) and API Holdings (API) under Section 31(1) of the Competition Act 2002.
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The proposed combination relates to the acquisition of certain percentage of compulsorily convertible debentures, compulsorily convertible preference shares or/and common shares of 91Streets, Ascent and API.
- MacRitchie Investments is an investment holding company, an indirect wholly- owned subsidiary of Temasek Holdings.
- The 91Streets is a company incorporated in India and operates on a pan-India basis directly and through its subsidiaries. The company’s inter alia owns technology and intellectual property required to develop an e-commerce platform (website as well as mobile application), focusing on the sale of medicines and nutraceuticals by retailers/retail pharmacies with valid licenses, and diagnostic test package facilities offered by third-party labs. It also owns and develops a tele-medical consultation platform.
- In addition, 91Street’s subsidiaries are engaged in the wholesale business-to-business (B2B) sale and distribution of pharmaceutical products, and sale to pharmaceutical retailers in India and in the provision of logistics delivery and transportation services.
- Ascent is a company incorporated in India and is operating on a pan-India basis directly and through its subsidiaries.
- These are inter alia engaged in online as well as offline wholesale B2B sale and distribution of pharmaceutical, over the counter FMCG and nutraceutical products, on a cash and carry basis and in the business of owning and developing an application which provides an order management system for facilitating B2B sales in the pharmaceuticals industry.
- API is a company incorporated in India and not engaged in any business.
About CCI–
Competition Commission of India is a statutory body of the Government of India responsible for enforcing The Competition Act, 2002 throughout India and to prevent activities that have an appreciable adverse effect on competition in India. It was established on 14 October 2003.
- Founded – 14 October 2003
- Headquarters– New Delhi
- Chairman– Ashok Kumar Gupta
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