Trilegal, CAM Advise on Investment of INR 182 Crores in API Holdings Private Limited by CDPQ Private Equity Asia Pte. Ltd

Trilegal advised API Holdings Private Limited (API Holdings) on the Indian competition law aspects in relation to the investment of INR 182 crores (approx. USD 26 million) by CDPQ Private Equity Asia Pte. Ltd (CDPQ Asia). CDPQ Asia will collectively hold approximately 6% equity stake in API Holdings.

The Competition Commission of India unconditionally approved the transaction on 23 February 2021 and the transaction was closed on 7 April 2021.

API Holdings owns India’s largest integrated digital healthcare platforms. The company’s platforms empower and connect over 60,000 brick & mortar pharmacies and 4,000 doctors in 16,000 zip codes across India. The platforms digitize and organize supply chains to provide easy access for pharmacies to affordable and authentic products in the shortest possible time. The platforms also provide SaaS solutions for pharmacies to use in procurement combined with delivery and logistics support, and credit solutions to buy over 200,000 medicines from over 3,000 pharmaceutical manufacturers. 

CDPQ Asia, located in Singapore, is a wholly owned subsidiary of Caisse De Depot Et Placement Du Quebec (CDPQ). CDPQ is a Canadian institutional fund and acts as an institutional investor that manages funds primarily for public and para-public pension and insurance plans. CDPQ manages and serves more than 40 depositors which comprises public and private pension and insurance funds in Quebec.

The Trilegal competition team representing API Holdings was led by Nisha Kaur Uberoi, Partner & National Head – Competition Law, Gautam Chawla, Partner; and Tanveer Verma, Ankita Dhawan and Sruti Sivasubramanian, Associates.

CDPQ Asia was represented by the competition team of Cyril Amarchand Mangaldas led by Avaantika Kakkar, Partner & Head – Competition Law.