June 27, 2020 / 5:20 AM / 8 days ago

Carlyle buys 20% stake in Piramal Pharma businesses

An employee works inside a laboratory at Piramal's Research Centre in Mumbai August 11, 2014. REUTERS/Danish Siddiqui/Files

(Reuters) - U.S.-based Carlyle Group Inc (CG.O) has agreed to buy a 20% stake in the pharmaceutical unit of Indian conglomerate Piramal Enterprises Ltd (PIRA.NS) 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 (SEQU.NS).

“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 (KKR.N) also submitting offers for the 20% stake.

The transaction is expected to close in 2020.

Reporting by Maria Ponnezhath in Bengaluru; Editing by William Mallard and Richard Pullin

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below