As per clause 2.3 of the operational guidelines, Group companies shall mean two or more enterprises which, directly or indirectly, are in a position to: Exercise twenty-six percent or more of voting rights in other enterprise; or appoint more than fifty percent of members of board of directors in the other enterprise. Accordingly, pharma company and PE which holds 26% or more stake in the subject pharma company are group companies. However, as per the query multiple pharma companies where the PE holds 26% or more stake individually are not treated as group companies among themselves. Group Companies may be based both in or outside India.