Billionaire industrialist Karsanbhai Patel-led Nirma Group, which is present in segments ranging from soaps and detergents to soda ash and cement, is now betting big on the pharmaceutical sector.
The Gujarat-based diversified conglomerate has acquired a 100 percent stake in Stericon Pharma Private Limited, a Bangalore-based contract development manufacturing organisation (CDMO) that makes sterile contact lens cleaning solutions and eye drops.
The disclosure was made by life sciences, healthcare and med-tech-focused private equity firm InvAscent on its LinkedIn page.
TP Devarajan, Senior Managing Director, InvAscent, said, “Stericon’s founders, Gurdeep Singh and Divakar Chandran, chose to partner with the Fund in 2016. Under their dynamic leadership, the business strengthened its position both in the domestic and global markets. Stericon’s eye drops and contact lens cleaning solutions, manufactured in its world-class sterile manufacturing facility, are sold in nearly 50 countries today.”
Gurdeep Singh and Divakar Chandran said, “We value the guidance provided by the InvAscent team during the investment period. The team helped us in strengthening corporate governance and in identifying products to develop.”
The value of the transaction was not disclosed in the LinkedIn update.
Sources familiar with the Nirma Group's strategy told Moneycontrol that the group had proceeded with the above transaction as Stericon Pharma is complementary to the former's existing healthcare vertical Aculife Healthcare.
According to its website, Aculife has expanded into infusions, injectables, medical devices and oral formulations and exports to over 70 countries.
"The Nirma Group is now looking closely at the pharma space and other targets in the segment are also being evaluated," one of the persons cited above told Moneycontrol on condition of anonymity.
According to a report by Mint dated September 8, 2022, Nirma Group was one of the suitors in the fray for Mumbai-based Maneesh Pharmaceuticals.
Moneycontrol is awaiting responses to email queries sent to the Nirma Group, InvAscent and Stericon Pharma and has sent reminders. This article will be updated as soon as we hear from the parties.
The Nirma Group's cement business is listed on the domestic bourses under the entity Nuvoco Vistas.
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