Carlyle picks up the portion of 20%, from Pharma businesses of Ajay Piramal for $490 million. It is said that the deal was at work, from around 4-5 months. Both the companies together has declared that it has agreed to invest fresh equity for 20% interest. Depending on the FY21 performance of the company, the transaction values at EV of $2.7 million.
The Piramal Pharma would amount to USD 490 million depending on the company’s EV. This transaction is 2020’s one of the largest private equity deals in India, at which pharmaceuticals are supposed to close this year.
Ajay Piramal said as quoted, “We are pleased to announce the strategic growth investment by Carlyle, a marquee global investor, in Piramal Pharma. This is an affirmation of the strength of our ability to build new, attractive, and scalable businesses with a significant runway for continued organic growth and opportunities for consolidation“.
This is the second investment of the Carlyle Group in India in the last 2 months. The largest investment announced by the firm was with Sequent Scientific. The one which is India’s largest pure-play animal healthcare company. Piramal Group in three different transactions has raised the capital to around $2 billion in 2020.