India Resurgence Fund (IndiaRF), promoted by Piramal Enterprises and global investor Bain Capital, will acquire active pharmaceutical ingredients and contract research and manufacturing services business of Ind-Swift Laboratories for Rs 1,650 crore. The fund is acquiring the business through Synthimed Labs, a portfolio company of IndiaRF, Ind-Swift said on Wednesday.
Synthimed will also acquire an intermediate manufacturing facility from the promoter group.
IndiaRF, is in talks with its limited partners (LPs) to raise its second fund targeting up to $1 billion, reports said recently. The first fund had a corpus of $629 million with main LPs, including CPPIB and IFC.
Ind-Swift reported a consolidated revenue of Rs 1,207 crore and consolidated Ebitda of Rs 256 crore in FY23.
The fund made an in investment of Rs 550 crore in Impresario Entertainment and Hospitality last year.
Shantanu Nalavadi, MD, IndiaRF, said, “ We believe the business needs the necessary capital infusion for it to acquire scale and move upwards in the growth trajectory. We are committed to invest further primary capital into the businesses to expand capacity on back of growth from newer geographies and investment in new product development across both API and CRAMS, to provide a larger portfolio of products to its customers.”
PwC acted as the exclusive financial advisor to Ind-Swift on this transaction.
