New Delhi, Sep 6 (SocialNews.XYZ) The board of directors of Ind-Swift Laboratories Limited on Wednesday approved a business transfer of its active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) to Synthimed Labs Private Limited (Synthimed), a portfolio company of India Resurgence Fund (IndiaRF).
IndiaRF, a leading India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital, will acquire the business for a consideration of Rs 1,650 crore.
Ind-Swift's share price ended the day up more than 19 per cent at Rs 123 on the BSE.
Ind-Swift is among the top 10 independent merchant API businesses in India in size, with two manufacturing sites in Punjab and Jammu, and a combined reactor capacity of 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 had reported a consolidated revenue of Rs 1,207 crore and consolidated EBITDA of Rs 256 crore in FY23.
Shareholder and regulatory approvals are required for the completion of the transaction. Synthimed will also acquire an intermediate manufacturing facility from the promoter group.
Commenting on the transaction, Shantanu Nalavadi, Managing Director at IndiaRF, said, "IndiaRF is excited about the transformation potential of Ind-Swift. 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.
"We are committed to invest further primary capital into the businesses to expand capacity on back of growth from newer geographies and investment in new product development across both API and CRAMS, to provide a larger portfolio of products to its customers.”
N.R. Munjal, Chairman and Managing Director at Ind-Swift, said, “Ind-Swift is among the largest independent API players in India and has had the track recording of developing API molecules with customer centric approach and has created high quality facilities.
"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."
PwC acted as the exclusive financial advisor to Ind-Swift on this transaction.
Source: IANS
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