Investcorp has exited its investment in the publicly listed Safari Industries, while IndiaRF is acquiring the API and contract research and manufacturing services businesses of drug firm Ind-Swift Laboratories.
Investcorp clocks 102% IRR from Safari Industries exit
Global alternative investment firm Investcorp on Wednesday announced that it has exited its investment in the publicly listed Safari Industries, clocking an IRR of 102%.
Investcorp made partial exits in the company in three tranches, including the final exit, per a company statement. The investment firm has realised a total return of Rs 285 crore at a 3.8X multiple on invested capital (MOIC) from Safari Industries, the statement added.
Investcorp had invested Rs 75 crore in Safari Industries in February 2021. During the period, Safari Industries increased its production capacity as well as expanded its physical stores in new and under-served markets in India.
Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail, SaaS, e-commerce, and technology sectors. The firm also exited its investment in eyecare hospital chain ASG Eye Hospital in September 2022.
IndiaRF acquires Ind-Swift Labs’ API, CRAMS businesses
Drug firm Ind-Swift Laboratories on Wednesday said its board has approved to sell active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) businesses to Synthimed Labs Private Limited, a portfolio company of India Resurgence Fund (IndiaRF).
IndiaRF, an India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital, will acquire the business for a consideration of Rs 1,650 crore.
Based in Chandigarh, Ind-Swift Laboratories is a global manufacturer of APIs and intermediates, with two manufacturing sites in Punjab and Jammu, and a combined reactor capacity of around 700 KL catering to both regulated and unregulated markets.
Ind-Swift reported a consolidated revenue of Rs 1,207 crore and consolidated EBITDA of Rs 256 crore in FY23.