Api: Piramal, Bain fund buys API, contract biz of Ind-Swift

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MUMBAI: Ind-Swift Labs mentioned it can promote its energetic pharmaceutical ingredient (API) and contract analysis & manufacturing companies (CRAMS) enterprise to India Resurgence Fund – an funding platform promoted by Piramal Enterprises and Bain Capital – for Rs 1,650 crore.
The acquisition shall be routed via IndiaRF’s portfolio firm Synthimed Labs. The Ind-Swift scrip touched a 52-week excessive, closing 2% increased at Rs 22.5 on the BSE, after the corporate’s board authorized the hunch sale of its enterprise on Wednesday.
The fairness worth of the transaction is value Rs 850 crore, contemplating an approximate debt of Rs 800 crore, topic to different changes in accordance with the phrases of settlement, the Mumbai-based firm mentioned in an trade submitting.
Ind-Swift chairman & MD N R Munjal mentioned, “Ind-Swift is among the many largest impartial API gamers in India and has had the observe document of creating API molecules with a customer-centric method. It has created high-quality services and we’re delighted that IndiaRF – which has a pedigree and observe document in remodeling companies throughout assorted sectors – will assist and put money into the expansion of the enterprise.”

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