Nishith Desai Associates and JSA have advised parties in securing approval from the Competition Commission of India (CCI) for the Government of Singapore Investment Corporation’s (GIC) USD150 million investment in Asia Healthcare Holdings (AHH), making it the majority owner.
CCI approval was granted in April 2025 and the GIC investment was proposed in December 2024. The GIC initially invested USD170 million in AHH in February 2022.
Nishchal Joshipura, who leads the private equity and M&A practice at Nishith Desai Associates, led the transaction team along with senior members Anurag Shah, Anirudh Arjun and member Gurkeerat Singh. Nishith Desai Associates provided comprehensive legal and strategic advice to the GIC.
JSA partners Iqbal Khan and Tanavi Mohanty led the team, with the assistance of principal associate Krishaal Morjaria, representing the Texas Pacific Group. Partners Nisha Kaur Uberoi and Pranav Satyam led the team advising the CCI, with the support of principal associate Anand Sree.
The GIC and Texas Pacific jointly own private equity firm AHH, which has secured strategic healthcare investments in India since its establishment. It has played a role in consolidating high-quality healthcare service providers under a common operational and strategic framework, which has enhanced access and delivery of specialised medical services across the country.
The GIC acquisition involved complex regulatory considerations, requiring detailed engagement with the CCI to address potential competition concerns and ensure compliance with Indian competition laws.
The GIC is Singapore’s sovereign wealth fund, managing most of the government’s financial assets.
