US-based Carlyle Group Inc has agreed to purchase a 20% stake within the pharmaceutical unit of Indian conglomerate Piramal Enterprises Ltd for about $490 million, the businesses mentioned in an announcement on Saturday.
Piramal Pharma will use the capital injection to speed up its natural and inorganic progress plans, the assertion mentioned.
The funding comes a month after the personal fairness agency purchased a majority stake in Indian animal healthcare firm SeQuent Scientific Ltd.
“India is a massively strategic a part of Carlyle’s Asia enterprise, and a market the place we proceed to see many enticing funding alternatives,” Greg Zeluck, Co-Head of Carlyle Asia Companions advisory workforce mentioned.
Earlier this month, India’s Financial Occasions reported that Carlyle had emerged because the frontrunner to seize a minority stake within the pharma unit of enterprise mogul Ajay Piramal, with U.S. personal fairness corporations TA Associates and KKR & Co Inc <KKR.N> additionally submitting presents for the 20% stake.
The transaction is predicted to shut in 2020.