Ind-Swift Laboratories Limited (BSE:532305) are in discussion with a bunch of bulge bracket private equity investors as well as strategic partners to sell a controlling stake in the company in a INR 15,000 million to INR 16,000 million deal as the Chandigarh based firm looks to benefit from a renewed financial and strategic interest in pharma and lifesciences businesses. Advent International Corporation, The Carlyle Group Inc. (NasdaqGS:CG) as well as strategic investors including IOL Chemicals and Pharmaceuticals Limited (BSE:524164) and PI Industries Limited (BSE:523642) have been approached to buy the promoters' stake in the company, multiple sources with knowledge of the matter told ET. “A formal process has been started as the promoters want to get out of the business.

We expect to find a buyer before March 31, 2021” said one of the sources mentioned above. Jefferies has been mandated to run a formal process. When contacted, Carlyle, Advent and PI declined to comment.

Mails sent to IOL and Ind-Swift didn't elicit any response.