Competition Commission of India Approves Acquisition of Stake in Asian Institute of Nephrology and Urology

The Competition Commission of India (CCI) has granted approval for the acquisition of a stake in Asian Institute of Nephrology and Urology Private Limited (AINU) by TPG Growth V SF Markets Pte. Ltd. and Waverly Pte. Ltd. through Asia Healthcare Holdings Pte. Ltd. This decision marks a significant development in the healthcare investment landscape in India.

The proposed transaction involves two parts: (a) The acquisition of fresh Redeemable Preference Shares (New RPS) in Asia Healthcare Holdings Pte. Ltd. (AHH) by TPG Growth V SF Markets Pte. Ltd. (Growth V) and Waverly Pte. Ltd. (Waverly). (b) The subsequent acquisition of a majority shareholding in Asian Institute of Nephrology and Urology Private Limited (AINU) by AHH.

Growth V, an investment fund managed and controlled by TPG Inc., operates under the umbrella of the TPG Group, a global investment firm with diversified interests across various sectors, including healthcare. Similarly, Waverly is a subsidiary of Lathe Investment Private Limited, wholly-owned by GIC (Ventures) Pte Ltd, and forms part of a group of investment holding companies managed by GIC Special Investments Private Limited.

Asia Healthcare Holdings Pte. Ltd. (AHH) is primarily engaged in long-term investment holding activities and is actively involved in providing healthcare services in India, particularly in maternal, child, and related healthcare services. AHH is jointly owned and controlled by the TPG Group and Waverly.

AINU, a single-specialty center with seven hospitals across South India, specializes in urology care, nephrology care, dialysis, kidney transplant, as well as radiology and pathology services.

The CCI’s approval of this acquisition indicates a positive step towards facilitating investment in the healthcare sector in India. The detailed order of the Commission will provide further insights into the rationale behind the approval and the conditions, if any, imposed on the transaction.

This move underscores the growing interest of investors in the Indian healthcare industry and is expected to contribute to the expansion and improvement of healthcare services, particularly in specialized fields such as urology and nephrology.