The Competition Commission of India (CCI) has given its approval to a significant acquisition deal in the packaging sector, involving AI Lenarco Midco and Manjushree Technopack, a company specialising in rigid plastics packaging products.

The deal brings together Majesty II, a special purpose vehicle and investment holding company of the PAG group, and a consortium of investors, including Ashoka India Equity Investment Trust, Nuvama Private Investment Trust, and InCred Growth Partners Fund - I.

The transaction will result in Majesty II acquiring the entire equity shareholding in AI Lenarco Midco, leading to an indirect acquisition of the majority equity shareholding in Manjushree Technopack.

Majesty II is specifically formed for this acquisition and is part of the PAG group, an alternative investment company with a focus on the Asia-Pacific region.

The approval by the CCI marks a pivotal development in the proposed combination of these companies.

Ashoka India Equity Investment Trust, based in England and Wales, is a closed-ended investment company with an indefinite life.

It aims to achieve long-term capital appreciation by investing in securities listed in India and companies with a significant presence in the country.

Meanwhile, Nuvama Private Investment Trust is a Category II Alternative Investment Fund (AIF) registered with the Securities and Exchange Board of India (SEBI).

InCred Growth Partners Fund - I, under InCred Alternative Opportunities Trust, is also registered with SEBI as a Category II AIF, with InCred Alternative Investments acting as the investment manager.

InCred Growth Partners Fund - I focuses on investing in high-quality private businesses across various sectors, including the consumer, banking, financial services and insurance, technology, and enterprise segments.