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

MUMBAI: Ind-Swift Labs said it will sell its active pharmaceutical ingredient (


) and contract research & manufacturing services (CRAMS) business to

India Resurgence Fund

– an investment platform promoted by

Piramal Enterprises

and Bain Capital – for Rs 1,650 crore.
The acquisition will be routed through IndiaRF’s portfolio company

Synthimed Labs

. The Ind-Swift scrip touched a 52-week high, closing 2% higher at Rs 22.5 on the BSE, after the company’s board approved the slump sale of its business on Wednesday.
The equity value of the transaction is worth Rs 850 crore, considering an approximate debt of Rs 800 crore, subject to other adjustments in accordance with the terms of agreement, the Mumbai-based company said in an exchange filing.
Ind-Swift chairman & MD N R Munjal said, “Ind-Swift is among the largest independent API players in India and has had the track record of developing API molecules with a customer-centric approach. It has created high-quality facilities and we are delighted that IndiaRF – which has a pedigree and track record in transforming businesses across varied sectors – will support and invest in the growth of the business.”

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