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CCI approves 100% equity buy of Medlife by API Holdings

Our Bureau New Delhi | Updated on September 23, 2020 Published on September 23, 2020

Transaction involves Medlife shareholders buying 19.59 per cent of API Holdings as consideration

The Competition Commission of India (CCI) has approved the acquisition of 100 per cent equity shares of Medlife International Private Limited (Medlife) by API Holdings Private Limited (API Holdings) and of up to 19.59 per cent equity share capital of API Holdings by Medlife’s shareholders.

The proposed combination relates to the acquisition of 100 per cent of equity shares of Medlife by API and as consideration, the acquisition of up to 19.59 per cent of the equity share capital of API Holdings (on a fully diluted basis), by the Medlife Promoter Shareholders and other shareholders of Medlife. (Prashant Singh, Tushar Kumar and the Prasid Uno Family Trust (Trust) are collectively referred to as Medlife Promoter Shareholders), an official release said.

API is a private company, incorporated in 2019. API directly or through its subsidiaries carries out various business activities including wholesale sale and distribution of drugs; transportation and delivery services primarily focused on pharmaceutical sector; owning technology and intellectual property for developing e-commerce platforms; and provision of manpower supply, support, business function support for group companies of API Holdings.

Its business also includes provision of master data management services support; developing ERP and software solutions primarily for healthcare businesses and other customised application services for retail pharmacies, operating and providing online application which provides a B2B order management system for retailers and distributors of pharmaceutical products, medical devices and OTC drugs; and developing a platform which connects registered medical practitioners and patients whereby the patients could consult with them through the platform by way of tele-consultation as well as physical consultation.

The Trust is a private trust incorporated under the Indian Trusts Act, 1882. The Trust has various investments in the healthcare sector, including the majority shareholding in Medlife. Prashant Singh and Tushar Kumar are the co-founders of Medlife, the release added.

Medlife, incorporated in 2014 is primarily a healthcare company engaged in the wholesale sale and distribution of drugs. It also engages in the retail sale of such pharmaceutical products, medical devices and OTC drugs, though pharmacies and an online marketplace. Medlife also healthcare services such as medicines and wellness products, digital doctor consultation and online diagnostic tests services.

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Published on September 23, 2020
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