Private Equity

PE Fund Investments

India RF to acquire API, CRAMS biz of Ind-Swift Labs for Rs.1,650-Cr

Press Release   BSE Announcement  

India Resurgence Fund (India RF), an investment platform promoted by Piramal Enterprises and Bain Capital, is to acquire the active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) business of Chandigarh-headquartered, publicly listed Ind-Swift Laboratories, via a slump sale at an Enterprise Value of INR 1,650 crore. The acquisition - the Equity Value of which is INR 850 crore - will be done through Synthimed Labs, an unit of India RF. The Revenue of the target business was INR 1151.95 crore for FY23, which constitutes about 96% of Ind-Swift Labs' consolidated revenue. Its Net Worth was INR 361.89 crore. PwC acted as the exclusive financial advisor to Ind-Swift on this transaction.. Ind-Swift is among the top ten independent merchant API businesses in India in size, with two manufacturing sites in Punjab and Jammu. It reported a consolidated revenue of INR 1,207 crore and consolidated EBITDA of INR 256 crore in FY23.