Instas Pharma Abu Dhabi Investment Authority to buy stake in Instas Pharma
The Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by the Emirate of Abu Dhabi, is going to acquire about 3 percent in Intas Pharmaceuticals for $250-$270 million (Rs 2,000 crore) at a valuation of $8.5 billion (Rs 65,000 crore), media reports said.
It will acquire the 3 percent stake from current investor Temasek Holdings, which presently holds about 10 percent in the Indian drug company, ET reported.
The Chudgar family, currently, owns 84 percent of the company, while homegrown PE fund ChrysCapital owns 6 percent, said the report.
ADIA has wide exposure in India with assets under management worth $800 billion., it added.
Its has invested in major Indian companies like Flipkart, Reliance Retail, Mindspace REIT, HDFC Capital, Mphasis, Paytm, Nykaa and Mobikwik.
Since 2018, ADIA has invested more than $3 billion in India, the report noted.
Intas Pharma is the seventh-largest domestic formulations company, with nearly 30 percent of its turnover locally, about 40 percent from the UK and European markets, and remaining from the United States and other markets.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
