The board of directors of Ind-Swift Laboratories on September 6 approved the slump sale of Active Pharmaceutical Ingredients (API) and CRAMS Business to Synthimed Labs to Synthimed Labs Pvt Ltd, a portfolio company of India Resurgence Fund.
The transaction will be executed at a total enterprise value of Rs 1,650 crore, the company informed the exchanges.
IndiaRF is a leading India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital.
Ind-Swift is amongst the top ten independent merchant API businesses in India in size, with two manufacturing sites in Punjab and Jammu, and a combined reactor capacity of approximately 700 KL catering to both regulated and unregulated markets.
The API business has strong market and cost position with diverse therapeutic presence across the US, Japan, Korea, EU, Brazil and India.
Ind-Swift reported a consolidated revenue of Rs 1,207 crore in FY23.
"Ind-Swift has a strong market presence and competitive cost position. We believe the business needs the necessary capital infusion for it to acquire scale and move upwards in the growth trajectory,” said Shantanu Nalavadi, Managing Director of IndiaRF in a press statement.
Closing of the deal is also subject to shareholders and regulatory approvals.
At close of the market hours, the shares of Ind-Swift settled at Rs 22.05 apiece on the NSE, up 1.85 percent from the previous close.
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