On May 1, 2025, the Competition Commission of India (CCI) under the Ministry of Corporate Affairs(MCA) approved two significant acquisition proposals:
i.KKR’s acquisition of a controlling stake in HealthCare Global Enterprises Limited (HCG) through Hector Asia Holdings II Pte. Ltd. and the KIA EBT II Scheme.
ii.Jubilant Bhartia Group’s acquisition of a 40% stake in Hindustan Coca-Cola Holdings Private Limited (HCCH) via Jubilant Beverages Limited (JBL), along with the subscription to Compulsorily Convertible Preference Shares (CCPS) in JBL by Jubilant BevCo Limited (BevCo) and investors.
KKR’s Acquisition of HCG:
Hector Asia Holdings II Pte. Ltd. (Singapore) and the KIA EBT II Scheme (Acquirers) propose to acquire up to 54% of the diluted voting share capital of Bengaluru (Karnataka) based HCG from Aceso Company Pte. Ltd. (Singapore) (Target) in two tranches.
- Mandatory open offer for 26% shares from public shareholders under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Post-transaction, KKR could hold 54%–77% of HCG’s expanded voting share capital.
Points to Note:
i.Hector Asia Holdings II Pte. Ltd. is fully owned by funds managed by KKR & Co. Inc., a global investment firm headquartered in New York, the United States of America (USA).
ii.KIA EBT II Scheme 1 is an employee benefit scheme of KIA EBT Trust II, established under the Indian Trusts Act, 1882, benefiting employees of KKR.
iii.HCG is a publicly listed company operating cancer care centers, hospitals, and diagnostic facilities in Ahmedabad (Gujarat), Bhavnagar (Gujarat), Rajkot (Gujarat), Hubli (Karnataka), and other locations.
Jubilant Beverages’ Stake Acquisition in HCCH:
i.Jubilant Beverages Limited (JBL) (Acquirer) based in Noida, Uttar Pradesh (UP), acquires a 40% stake in HCCH (Target) from Hindustan Coca-Cola Overseas Holdings Pte. Ltd. and Bharat Coca-Cola Overseas Holdings Pte. Ltd. (both Singapore-based).
ii.Jubilant BevCo Limited (BevCo) (Acquirer) based in Noida, and the investors of WSSS Investments Aggregator 1 and 2 Pte. Ltd. (Singapore) propose to subscribe to Compulsorily Convertible Preference Shares (CCPS) in JBL (Target).
Points to Note:
i.JBL and BevCo are entities under the Jubilant Bhartia Group, active in ready-to-eat foods, pharmaceuticals, and agri-products.
ii.WSSS Investments Aggregator 1 and 2 Pte. Ltd. are owned by funds managed by Goldman Sachs Asset Management, L.P. (GSAM), an investment manager wholly owned by The Goldman Sachs Group, Inc., headquartered in New York.
About Competition Commission of India (CCI):
Chairman – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established – 2003
