The acquisition is in line with Sun Pharma’s strategy to strengthen its global dermatology presence.
The Fortis board is expected to meet next week to appoint representatives from Malaysia’s IHH Healthcare.
Following the CCI approval, IHH could pick up a controlling stake in Fortis by infusing around Rs4,000 crore for equity shares at Rs170 apiece.
TPG-Manipal, which had earlier agreed to pay Rs 180 per share, may have lowered its bid.
Malaysia’s IHH Healthcare Bhd. on Tuesday revised its offer to Rs175 per share from its earlier offer Rs160 per share, which it made on 24 April.
On Tuesday, the board of Manipal Education approved the merger of its hospital assets with that of Fortis Healthcare.
Among countries that have cleared the deal are South Africa, Russia and Ukraine.
The German drug maker is preparing for “strategic options” for its consumer health business globally, including a potential full or partial sale of business.