TPG Capital picked up a stake in Manipal Hospitals for Rs 900 crore in February 2015 and has been looking to clock returns on its 7 year old bet. India’s sovereign wealth fund NIIF is the other external investor in the Ranjan Pai-led hospital chain
Morgan Stanley Private Equity Asia (MSPEA), a private equity platform that acquired 20 percent stake in ZCL for Rs 150 crore in 2016, has also exited the company for an amount of Rs 390 crore.
Advent has been investing in India since 2007. In this time, it has deployed over $1.7 billion in 12 companies with headquarters or operations in the country.
The promoters of the firm, the Parikh family, may also evaluate an exit provided the transaction is struck at the desired valuations, these people added.
The equity investment in ZCL, which was formerly known as Zandu Chemicals, will be used for the company's growth, a statement issued said.