India’s PI Industries to Acquire API Business from ISLL for Rs 1,530 Cr

India’s agrochemicals company, PI Industries on Saturday said it has agreed to acquire Ind Swift Laboratories’ active pharmaceutical ingredients (API) business for an enterprise value of Rs 1,530 crores (aprrox. $205.7 million).

In a regulatory filing, PI Industries said the company has “executed a business transfer agreement with Ind Swift Laboratories Ltd (ISLL) and certain identified promoters of ISLL for acquisition (either itself or through its affiliate) of API business division of ISLL by way of a slump sale on a going concern basis.”

ISLL is engaged in the business of manufacturing Active Pharmaceutical Ingredients (API) and intermediates.

“The parties have agreed that the enterprise value of the API business division on a debt free and cash free basis shall be Rs 1,530 crore,” the filing said.

The agreed enterprise value shall be subject to adjustments on account of working capital, dues of lenders and unfunded employee liabilities, it added.

The API business of ISLL has diversified portfolio of 20+ products and a good R&D product pipeline.

PI Industries said it has also developed strong R&D pipeline of products and complementary technologies over last few years.

“Introduction of new and cutting-edge technologies will also enable building a differentiated and sustainable relationship with global customers backed by quality and efficiency,” the filing said.

PI Industries is an agrochemicals manufacturer and a major exporter of agri-based chemicals to over 25 countries across Asia Pacific, Middle East, Africa, Latin America.