Pharmaceutical company Ind-Swift Laboratories is engaged in talks with private equity investors to sell a large minority stake, after it failed to complete the sale process with PI Industries.
A clutch of private equity firms including CX Partners, Advent International and Carlyle Group are in separate talks with
to invest as much as ₹1,000 crore in the company, said multiple people aware of the development.
Chandigarh-based Ind-Swift had called off the business transfer agreement with PI Industries to sell a unit of the company. As per the new process, Ind-Swift is likely to dilute a significant strategic stake to the PE investor.
Jefferies is running a formal process on behalf of the company.
When contacted, Ind-Swift Laboratories said they were open to PE funds. “The company has authorised chairman and managing director to look for alternative sources of funds so as to retire the debt of the company,” Ind-Swift said in an emailed response. “There is significant growth in the performance of the company from the last three financial years. We expect to leverage this in our efforts to raise funds from alternative sources. We are open to reaching out to private equity funds, banks and financial institutions for the same. Being a listed company, we shall announce the positive outcome of the same as and when any such deal is entered into.”
CX, Advent and Carlyle declined to comment.
