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Private Equity Major Carlyle To Buy 20 Per Cent Stake In Piramal Pharma For $490 Million
Ajay Piramal (Pic via Wikibio.in)
Indian companies continue to attract foreign investments from noted investors even amid the economic disruption caused by COVID-19 pandemic across the globe.
In the latest development, United States (US) based Carlyle Group has decided to invest in Ajay Piramal's pharmaceutical business a sum of $490 million or Rs 3,598 crore for a 20 per cent stake, reports Asian News International (ANI).
The transaction which is expected to close this year itself has valued Piramal Pharma at whopping $2.7 billion. Once completed, the transaction would mark the biggest private equity deal in the Indian pharmaceutical industry.
Piramal Pharma has been in existence for a span of three decades now and has been a noted pharma player. In 2010, the company had sold its domestic pharma business to Abbott for $3.8 billion and has since built a solid pharma business in markets abroad.
Meanwhile, it should be noted that Carlyle has been increasing its investments in India over time. As of 31 March 2020, the private equity major had already invested $2.5 billion in India. It's portfolio includes SBI Life, SBI Card, HDFC, Indian infoline, Delhivery and PNB Housing Finance.
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