Ind-Swift to sell API, CRAMS units to IndRa unit for ₹1,650 cr.

Ind-Swift Labs to transfer API & CRAMS biz to IndiaRF-backed Synthimed for ₹1,650 cr. IndiaRF to invest further capital to help biz acquire scale & move up growth trajectory. Shareholder & regulatory approvals required for completion of transaction.

Ind-Swift Laboratories Ltd said its board has approved the transfer of its active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) businesses to Synthimed Labs Private Ltd, a portfolio company of India Resurgence Fund (IndiaRF), for ₹1,650 crore.

IndiaRF, an India-focused investment platform is promoted by Piramal Enterprises Ltd. and Bain Capital.

Ind-Swift had reported a consolidated revenue of ₹1,207 crore and consolidated EBITDA of ₹256 crore in FY23.

Shareholder and regulatory approvals are required for the completion of the transaction. Under the deal, Synthimed will also acquire an intermediate manufacturing facility from the promoter group. 

 Shantanu Nalavadi, Managing Director, IndiaRF, said, “Ind-Swift has a strong market presence and competitive cost position. We believe the business needs the necessary capital infusion for it to acquire scale and move upwards in the growth trajectory. We are committed to invest further primary capital into the businesses.”