Serum Institute of India is selling around 40% stake in its pharma packaging joint venture Schott Poonawalla to TPG Growth. SII has retained 10% in the JV.
SII acquired 50% of SCHOTT Kaisha for an undisclosed amount in August 2021 during the Covid-19 pandemic.
SII has acquired the stake from former co-owners Kairus Dadachanji and Shapoor Mistry. SII held 50% while the remaining 50% was with SCHOTT Pharma AG, a German specialty glass company manufacturing vials, syringes, ampoules and cartridges.
Schott AG is owned by the Carl Zeiss Foundation.
SII declined to comment on the deal. The JV has four manufacturing plants.
SCHOTT has invested Rs 600 crore over three years to set up two new plants in Umarsadi, Gujarat, and Baddi, Himachal Pradesh. Schott delivered vials for more than two billion vaccine doses in 2021.
