Carlyle Buys 20% Stake in Piramal Pharma Businesses
U.S.-based Carlyle Group Inc has agreed to buy a 20% stake in the pharmaceutical unit of Indian conglomerate Piramal Enterprises Ltd for about $490 million, the companies said in a statement on Saturday.
Piramal Pharma will use the capital injection to accelerate its organic and inorganic growth plans, the statement said.
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.
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.