India Resurgence Fund to Acquire Ind-Swift Labs' APIs and CRAMS Business

The India Resurgence Fund, backed by Piramal Enterprises and Bain Capital, will acquire Ind-Swift Laboratories' APIs and CRAMS business for INR 1,650 crore through portfolio company Synthimed Labs. The board of Ind-Swift Labs approved the sale on September 6. Ind-Swift reported FY23 revenue of INR 1,207 crore and EBITDA of INR 256 crore.

Ind-Swift is a leading independent API business in India with manufacturing sites in Punjab and Jammu. It serves both regulated and unregulated markets with a combined reactor capacity of around 700 KL. The API business extends globally. Shareholder and regulatory approvals are pending for the transaction.

Synthimed Labs will also acquire an intermediate manufacturing facility from the promoter group. Shantanu Nalavadi, Managing Director of IndiaRF, stated, "We're committed to injecting capital for expansion and new product development to better serve our customers."

PwC advised Ind-Swift on this transaction.

Source: Media Reports