Approval of Combination Involving Jongsong Investments Pte. Ltd. and Romsons Group Pvt. Ltd.

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COMPETITION COMMISSION OF INDIA Combination Registration No.C-2026/05/1417

16th June 2026

Notice under Section 6(2) of the Competition Act, 2002 given by Jongsong Investments Pte. Ltd.

CORAM:

Ms. Ravneet Kaur Chairperson

Mr. Anil Agrawal Member

Ms. Sweta Kakkad Member

Mr. Deepak Anurag Member

Order under Section 31(1) of the Competition Act, 2002

1. On 4th May 2026, the Competition Commission of India (Commission) received a notice (Notice), under sub-section (2) of Section 6 of the Competition Act, 2002 (Act), given by Jongsong Investments Pte. Ltd. (Acquirer). The Notice was filed pursuant to the execution of the following documents each dated 17th April 2026: (a) Share Subscription and Share Purchase Agreement (SSPA) amongst Romsons Group Pvt. Ltd.

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Page 2 of 7 (Target), the Acquirer and the Khanna Family1; (b) Shareholders’ Agreement (SHA) amongst the Acquirer, the Target and Khanna Family [hereinafter, the Acquirer and the Target are referred to as the ‘Parties’].

2. The proposed combination involves the following: (a) Subscription to certain compulsorily convertible preference shares (CCPS) by the Acquirer, constituting 6.93% of the total issued and paid-up equity share capital of the Target on a fully diluted basis; and (b) acquisition of 7.63% of the total issued and paid-up equity share capital of the Target on a fully diluted basis from the members of the Khanna Family (together referred to as the ‘Temasek Transaction’). Pursuant to the Temasek Transaction, the Acquirer will hold 14.56% of the total issued and paid-up equity share capital of the Target, on a fully diluted basis. (c) In addition to the above, there is also an internal restructuring wherein the Khanna Family will undertake consolidation of their other businesses under the Target in the following manner: (i) Prior to the Temasek Transaction, the Target will acquire 100% shareholding of Romsons Medworld Pvt. Ltd. (Medworld) and Romsons Prime Pvt. Ltd. (Prime), pursuant to which Medworld and Prime will be wholly owned by the Target. (ii) Post the Temasek Transaction, the Target will acquire/assign to itself the following: (a) certain trademarks of Rennex Medical; and (b) entire operating business of Romsons International (RI) and Romsons Medsource (Medsource) (together referred to as the ‘Internal Restructuring’).2 [The Temasek Transaction and Internal Restructuring are together referred to as the ‘Proposed Combination’].

1 The members of the Khanna family include: (a) Mr. Kishore Narain Khanna & Mr. Kishore Narain Khanna Hindu Undivided Family (HUF); (b) Mr. Lalit Narain Khanna & Mr. Lalit Narain Khanna HUF; (c) Mr. Rakesh Narain Khanna & Mr. Rakesh Narain Khanna HUF; (d) Mr. Vikas Khanna; (e) Mr. Neeraj Khanna; (f) Mr. Shivam Khanna, (g) Mr. Vijay Kumar Khanna; (h) Mr. Saourabh Khanna; (i) Mr. Rohit Khanna; (j) Mr. Sahil Khanna; (k) Mr. Mohit Khanna; (l) Ms. Manju Khanna; (m) Ms. Asha Khanna; (n) Ms. Reeta Khanna; (o) Ms. Simi Khanna; and (p) Mr. Lakshya Khanna (collectively referred to as the ‘Khanna Family’). 2 RI, Medworld, Rennex Medical, Prime and Medsource are wholly owned and controlled by the Khanna Family.

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Page 3 of 7 3. In terms of Regulation 14 of the Competition Commission of India (Combinations) Regulations, 2024 (Combination Regulations), vide letter dated 15th May 2026 certain information(s)/clarification(s) relevant for the purpose of assessment of the Proposed Combination were sought. The response to the same was received vide communication dated 22nd May 2026. Certain voluntary submission was also made by the Acquirer.

4. The Acquirer is stated to be incorporated as a limited investment holding company in Singapore, and is not engaged in any business activities other than holding investments. It is an indirect wholly owned subsidiary of Temasek Holdings Pvt. Ltd. (Temasek) and it belongs to the group of Temasek.

5. Temasek, headquartered in Singapore, is an investment company. Its global portfolio covers a broad spectrum of industries including transportation & industrials, financial services, telecommunications, media & technology, consumer & real estate, and life sciences & agri-food.

6. The Target is stated to be a private company, and is wholly owned and controlled by the members of the Khanna Family. The Target is inter-alia engaged in the following business in India: (a) manufacture and/or sale of medical devices and personal care & hygiene products, (b) contract manufacturing of medical devices and personal care & hygiene products for third parties.

7. Tamasek is also stated to have investments in certain companies that meet the materiality threshold that give rise to certain overlaps/linkages with the activities of the Target in India.

8. The Commission considered the activities of the Acquirer including its affiliates, and the Target including its affiliates, for mapping of overlaps/linkages for the purposes of competition assessment. Accordingly, based on the given information, the Commission observed that the Parties exhibit horizontal overlaps in the: (a) market for manufacture and sale of medical devices in India (Medical Devices Market) that can be further segmented into the following: (i) market for manufacture and sale of patient aid medical devices in India (Patient Aids Market), (ii) market for manufacture and sale of diagnostic medical devices in India (Diagnostic Devices Market) that can be further

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Page 4 of 7 segmented into: (a) market for manufacture and sale of pathology diagnostic medical devices in India (Pathology Diagnostic Devices Market) and (b) manufacture and sale of in-vitro diagnostic devices (IVD Devices Market), (iii) manufacture and sale of consumable medical devices in India (Consumable Medical Devices Market), (iv) market for manufacture and sale of instrument and appliance medical devices in India (Instrument and Appliances Market), (v) market for the manufacture and sale of personal care & hygiene products (Personal Care & Hygiene Market) that can be further segmented into: (a) market for manufacture and sale of baby personal care & hygiene products in India (Baby Market); and (b) market for manufacture and sale of adult personal care & hygiene products in India (Adult Market) [collectively referred to as the ‘Horizontal Relevant Markets’].

9. In addition to the horizontal overlaps, there are certain existing as well as potential vertical linkages between the activities of the Acquirer (including affiliates) vis-à-vis the Target (including its affiliates) in India, identified in the Notice. The existing vertical linkages between the Parties are as follows:

(i) Vertical Market 1: Upstream Medical Devices Market and downstream market for the provision of wholesale sale of medical device in India (Medical Devices Wholesale Market); (ii) Vertical Market 2: Upstream Medical Devices Market and downstream market of provision of healthcare services through hospitals and clinics in India (Hospitals Market); (iii) Vertical Market 3: Upstream Personal Care & Hygiene Market and downstream market of provision of wholesale sale of personal care & hygiene products in India (Personal Care & Hygiene Wholesale Market); (iv) Vertical Market 4: Upstream Personal Care & Hygiene Market and downstream Hospitals Market.

10. In addition, there are certain potential vertical linkages between the Parties provided below:

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Page 5 of 7 (i) Vertical Market 5: Upstream market of contract manufacturing of medical devices for third parties in India (Medical Devices Contract Manufacturing Market) and downstream Medical Devices Market; (ii) Vertical Market 6: Upstream Medical Devices Market and downstream market for undertaking facilitation of retail sale of medical devices in India (Medical Devices Retail Market); (iii) Vertical Market 7: Upstream Medical Devices Market and downstream market of provision of healthcare at home in India (Home Healthcare Market); (iv) Vertical Market 8: Upstream Medical Devices Market and downstream market of provision of diagnostic service in India (Diagnostics Market); (v) Vertical Market 9: Upstream market of manufacture and sale of diagnostic devices in India (Diagnostic Devices Market) and downstream Diagnostics Market; (vi) Vertical Market 10: Upstream Pathology Diagnostic Devices Market and downstream market of provision of pathology diagnostic services in India (Pathology Diagnostics Market); (vii) Vertical Market 11: Upstream Market of contract manufacturing of personal care & hygiene products for third parties in India (Personal Care & Hygiene Contract Manufacturing Market) and downstream Personal Care & Hygiene Market; and (viii) Vertical Market 12: Upstream market Personal Care & Hygiene Market and downstream market for undertaking/facilitation of retail sale of personal care & hygiene products in India (Personal Care & Hygiene Retail Market).