Agri-science firm 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 crore.
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 agrochemical firm. It posted a revenue of nearly Rs 4,600 crore in the last fiscal year, of which around Rs 3,300 crore came from exports.
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