Combination Registration No. C-2026/05/1417, Jongsong Investments Pte. Ltd. (‘Jongsong’) and Romsons Group Pvt. Ltd. (‘Romsons’)

Proposed Transaction

Jongsong is an indirect wholly owned subsidiary of Temasek Holdings (‘Temasek’). Romsons manufactures and sells medical devices and personal care and hygiene products, and also undertakes contract manufacturing of both for third parties, which is what generates several of the linkages below.

Jongsong subscribed to compulsorily convertible preference shares constituting 6.93% of Romsons and acquired a further 7.63% from members of the Khanna family, taking it to 14.56% on a fully diluted basis. The notice, filed on May 4, 2026, also covered an internal restructuring by which the Khanna family consolidates its other businesses under Romsons: Romsons Medworld and Romsons Prime become wholly owned subsidiaries before closing, and certain Rennex Medical trademarks and the operating businesses of Romsons International and Romsons Medsource are transferred to Romsons afterwards. The notice followed a share subscription and share purchase agreement and a shareholders’ agreement, each dated April 17, 2026, executed with Romsons and the Khanna family, a defined group of sixteen individuals and Hindu undivided families. A request for information was issued on May 15, 2026, and answered on May 22, 2026, followed by voluntary submissions, and approval came on June 16, 2026.

CCI Findings

Horizontal Overlaps: The CCI recorded horizontal overlaps across the medical devices market and its segments for patient aids, pathology diagnostic devices, in-vitro diagnostic devices, consumables, and instruments and appliances, together with personal care and hygiene products split into baby and adult segments. Combined shares sat in the [0-5]% band throughout, other than in-vitro diagnostic devices at [5-10]%.

Vertical and Complementary Overlaps: The CCI set out twelve vertical linkages and three complementary relationships covering logistics and software services supplied to the healthcare sector by Temasek portfolio companies. Four of the vertical linkages are existing, running between the upstream medical devices and personal care and hygiene markets and the downstream wholesale and hospitals markets. The remaining eight are potential, covering contract manufacturing, retail, home healthcare, diagnostics, and pathology diagnostics. The three complementary relationships are medical devices logistics, software and information technology services, and personal care and hygiene logistics.

Finding the presence of the parties insufficient to raise foreclosure concerns, the CCI left delineation open and approved the transaction under Section 31(1) of the Act.