IndiaRF to acquire API and CRAMS business of Ind-Swift for Rs 1,650 cr

India Resurgence Fund (IndiaRF), an investment platform promoted by Piramal Enterprises and Bain Capital will acquire the active pharma ingredients (API) and contract research and manufacturing services (CRAMS) business of Ind-Swift Laboratories for a consideration of Rs 1,650 crores. The Board of Directors of Ind-Swift Laboratories on September 6, 2023 approved a business transfer of its API and CRAMS business to Synthimed Labs, a portfolio company of IndiaRF.

Ind-Swift reported a consolidated revenue of Rs 1,207 crores and consolidated EBITDA of Rs 256 crores 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.

Shantanu Nalavadi, MD, IndiaRF, said, “Ind-Swift has a strong market presence and competitive cost position. 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.”

NR Munjal, Chairman and MD of Ind-Swift said, “Ind-Swift is amongst 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.