U.S.-based Carlyle Group Inc recently announced that it has agreed to buy a 20% stake in the pharmaceutical unit of Indian conglomerate Piramal Enterprises Ltd for about $490mn.
Both the companies have jointly announced the transaction in a statement.
Piramal Pharma in a statement said that it will use the capital injection to accelerate its organic and inorganic growth plans.
The investment comes a month after the private equity firm bought a majority stake in Indian animal healthcare company SeQuent Scientific Ltd.
“India is a hugely strategic part of Carlyle’s Asia business, and a market where we continue to see many attractive investment opportunities,” Greg Zeluck, Co-Head of Carlyle Asia Partners advisory team said.
Earlier this month, India’s Economic Times reported that Carlyle had emerged as the frontrunner to grab a minority stake in the pharma unit of business mogul Ajay Piramal, with U.S. private equity firms TA Associates and KKR & Co Inc also submitting offers for the 20% stake.
The transaction is expected to close in 2020.
Earlier in May, Carlyle Group and the existing promoters of SeQuent Scientific Limited announced that CA Harbor Investments, an affiliated entity of CAP V Mauritius Limited and The Carlyle Group had agreed to acquire an equity stake of up to 74% in SeQuent Scientific Limited (“SeQuent”), the largest pure-play animal healthcare company in India.
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