Page 1 of 7 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 Se…
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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
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.
Combination Registration No. C-2026/05/1417
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’].
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.
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.
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.
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.
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.
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’].
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.
In addition, there are certain potential vertical linkages between the Parties provided below:
Combination Registration No. C-2026/05/1417
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).
[Vertical Market 1 to Vertical Market 12 are collectively referred to as the ‘Vertical Markets’.]
Further, it is submitted that there are certain complementary relationships between the activities of the Parties: • Complementary Link 1: Medical devices logistics market with Medical Devices Market: The Acquirer (including affiliates) provides logistics services to the healthcare sector including medical devices in India, whereas the Target (including its affiliates) is engaged in the Medical Devices Market and may procure logistics services from the former to transport the medical devices to customers across the country.
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Page 6 of 7 • Complementary Link 2: Software market with the Medical Devices Market: The Acquirer (including affiliates) provides software applications, and products for the provision of information technology services to healthcare sector including medical devices, whereas the Target (including its affiliates) is engaged in the Medical Devices Market and may procure software services from the former.
• Complementary Link 3: Personal care & hygiene logistics market with Personal Care & Hygiene Market: The Acquirer (including affiliates) provides logistics services to the healthcare sector including the Personal Care & Hygiene in India, whereas the Target (including its affiliates) may procure logistics services from the former to transport the personal care and hygiene products.
The Commission decided to leave the exact delineation of the relevant market open, as it was observed that the Proposed Combination is not likely to cause appreciable adverse effect on competition (AAEC) in any of the aforesaid relevant market(s) in India, for the reason provided in the ensuing paragraph.
Based on the submissions, it is noted that the incremental market share of the Parties in all the Horizontal Relevant Markets is insignificant. Further, in all these markets the combined market share is in the range of [0-5] %, except in the case of IVD Devices Market, wherein the combined market share is in the range of [5-10] %. Furthermore, each of these market segments is characterised by the presence of several credible players.
With regard to the 12 vertical linkages, it is noted that the individual market shares of the Acquirer (including Acquirer Affiliates) and the Target (including Target Affiliates) in their respective markets at upstream and downstream levels are in the range of [0-5] % along with the presence of several players. Similarly, the individual market share of the Acquirer (including affiliates) and the Target (including affiliates) in the relevant markets for complementary relationships is in the range of [0-5] % and each of these markets is also characterised by the presence of several other players. Thus, the Proposed Combination is not likely to raise competition foreclosure concern in India.
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Page 7 of 7 15. Considering the material on record, including the details provided in the Notice and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of the Act, the Commission is of the opinion that the Proposed Combination is not likely to have AAEC in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.
This order may stand revoked if, at any time, the information provided by the Acquirer is found to be incorrect.
The information provided by the Acquirer shall be treated as confidential in terms of and subject to provisions of Section 57 of the Act.
The Secretary is directed to communicate to the Acquirer accordingly.
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