New Delhi, Sep 12 (IANS): Fair practices regulator Competition Commission of India (CCI) has approved the acquisition of 20 per cent stake in Pharma Co by special purpose acquisition vehicle 'Curie' or (CA Clover Intermediate II Investments).

Accordingly, Piramal Enterprises will transfer the global pharmaceutical business to its wholly owned subsidiary -- Pharma Co. -- whose 20 per cent stake (issued and paid-up equity share capital) 'Curie' will purchase.

"The proposed combination relates to the transfer of global pharmaceutical business (Transferred Business) by Piramal Enterprises Limited (PEL) to a wholly owned subsidiary of PEL, i.e. Pharma Co., followed by, the acquisition of 20 per cent of the issued and paid-up equity share capital of Pharma Co. by Curie (Proposed Combination)," Ministry of Corporate Affairs said in a statement.

'Curie' is a special purpose acquisition vehicle, owned and controlled by investment funds advised by the affiliates of the Carlyle Group Inc.

The Carlyle Group is a global alternative asset manager.