CCI approves API Holdings’ acquisition of 100% equity shares of Medlife
23 Sep 2020
The Competition Commission of India (CCI) has approved the acquisition of 100 per cent equity shares of Medlife International Private Limited by API Holdings Private Limited and of up to 19.59 per cent equity share capital of API Holdings by Medlife’s shareholders.
The transaction involves 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.
Medlife promoter group includes Prashant Singh, Tushar Kumar and the Prasid Uno Family Trust who are collectively referred to as `Medlife Promoter Shareholders’
API is a private company, incorporated in 2019. API directly or through its subsidiaries carries out various business activities, including wholesale and distribution of drugs, transportation and delivery services primarily focused on pharmaceutical sector, owning technology and intellectual property for developing e- commerce platforms, provision of manpower supply, support, business function support for group companies of API Holdings, 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 privately incorporated under the Indian Trusts Act, 1882. It has various investments in the healthcare sector, including the majority shareholding in Medlife. Prashant Singh and Tushar Kumar are the co-founders of Medlife.
Medlife, incorporated in 2014, is primarily a healthcare company engaged in the wholesale and distribution of drugs. It also engages in the retail sale of pharmaceutical products, medical devices and OTC drugs, though pharmacies and an online marketplace. Medlife also provided healthcare services such as medicines and wellness products, digital doctor consultation and online diagnostic tests services.