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.