Piramal Group and Bain Capital Credit-sponsored India Resurgence Fund's (IndiaRF) Synthimed Labs Pvt. Ltd will take over the active pharmaceutical ingredients (API) business of Ind-Swift Laboratories Ltd (ISLL) for ₹1,650 crore.
The investment firm, which counts chemicals maker Archean and hospitality company Impresario Entertainment as its portfolio companies, has agreed to acquire the API business and the contract research and manufacturing services (CRAMS) business of IndSwift Laboratories.
The drugmaker said the equity value of the transaction is ₹850 crore, considering an approximate debt of ₹800 crore, subject to adjustments. Separately, it will invest ₹80 crore in Synthimed Labs via non-convertible debentures and compulsory convertible preference shares.
The latest transaction trumps IndiaRF's $156 million (1,100 crore then) investment in Archean Chemicals in 2018.
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