A security guard stands outside the Competition Commission of India (CCI) headquarters in New Delhi.
Credit: Reuters File Photo
Fair trade regulator CCI has cleared Kotak Special Situations Fund's (KSSF) proposed investment in Biocon Biologics Ltd under the green channel route.
In February, KSSF, an arm of Kotak Mahindra Bank, announced a Rs 1,070 crore investment in Biocon to help a subsidiary of the Bengaluru-based company in an acquisition.
The investment will help Biocon Biologics' acquisition of the biosimilars business of its partner Viatris.
KSSF is a Sebi-registered alternative investment fund (AIF).
The combination relates to the acquirer (KSSF) proposing to purchase certain equity shares in the target (Biocon Biologics).
Biocon Biologics is a biosimilars company which is engaged in the manufacture and commercialisation of pharmaceutical formulations.
The Competition Commission of India (CCI) said it has approved the deal.
'The parties' activities do not exhibit any horizontal, vertical, or complementary overlaps in any of the plausible relevant markets.
'Therefore, the proposed combination is being notified under the green channel,' according to an update on CCI's website on Thursday.
Under the green channel route, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the anti-trust regulator.