Torrent Investments Private Limited

SUMMARY OF THE PROPOSED COMBINATION [UNDER REGULATION 13(2) OF THE COMPETITION COMMISSION OF INDIA (COMBINATIONS) REGULATIONS, 2024] I. NAMES OF THE PARTIES TO THE COMBINATION 1. The parties to the combination are: a. Torrent Investments Private Limited (“Acquirer”); and b. Irelia Sports India Private Limited ("Target”). The Acquirer and the Target are collectively referred to as the “Parties”. II. THE NATURE AND PURPOSE OF THE COMBINATION Nature of the Proposed Combination 2. The proposed combination relates to the purchase of 67% of the shareholding (on a fully diluted basis) of the Target and control by the Acquirer ("Proposed Combination”). 3. The Proposed Combination is notifiable under Section 5(d) of the Competition Act, 2002 (as amended) (“Competition Act”). Purpose of the Proposed Combination 4. The Acquirer is the ultimate holding company of the Torrent Group. The Torrent Group has presence across various verticals including pharmaceutical, power, gas and electricals. The Proposed Combination will strengthen brand equity for Torrent Group’s key verticals by associating with a platform that resonates with all demographics. The Proposed Combination also aligns with Torrent Group’s objectives of investing in high-value, scalable assets that offer consistent returns. III. THE PRODUCTS, SERVICES AND BUSINESS(ES) OF THE PARTIES TO THE COMBINATION Acquirer 5. The Acquirer belongs to the Torrent Group which is engaged in the following business activities: a. Manufacture and sale of pharmaceutical products, b. Generation, transmission and distribution of power, c. Healthcare services through diagnostic centres, d. City gas distribution, e. Setting up and operating hospitals, f. Manufacturing of power cables, g. Financing activity, and h. Aviation Target 6. The Target operates the Ahmedabad franchisee of the Indian Premier League (Gujarat Titans). The other business activities of the Target are ancillary to this purpose and include matters like ticketing, merchandising and advertising. IV. THE RESPECTIVE MARKETS IN WHICH THE PARTIES TO THE COMBINATION OPERATE 7. The Parties’ activities do not exhibit any horizontal overlap, actual/potential vertical relationship or complementary linkages. Accordingly, the Proposed Combination is being notified under Section 6(4) of the Competition Act. ************