India: ChrysCapital buys 3% stake in pharma firm Intas for $132m

Indian homegrown private equity giant ChrysCapital has acquired an additional 3 per cent stake in Intas for $132 million, paving the exit of global investment major Capital International, per a report by The Times of India.

This puts the valuation of the pharmaceutical company at about $4.25 billion, the report added, quoting sources.

ChrysCapital, headquartered in Delhi, had first invested in Intas in 2006, marking its first bet in the pharma space. Since then, this will be the fourth time that the PE firm has pumped in capital in the Ahmedabad-based firm.

The current investment takes ChrycCapital’s stake in the company to 6 per cent.

According to a separate report by Money Control, Capital International’s exit from the company comes as when its parent Capital Group is increasingly moving away from the private equity vertical and ramping up focus on public markets and pension and retirement funds.

Intas is one of the most valuable pharmaceutical companies in India in the private space. It reportedly clocked revenues topping $2 billion in the financial year ending March 2020.

In 2017, the company made headlines when ChrysCapital had offloaded a part of its stake to Capital International at a valuation of $3.5 billion.

Intas, which has set up a network of subsidiaries under the umbrella name of Accord Healthcare, is currently present in over 85 countries worldwide. These include markets such as North America, Europe, Central & Latin America, Asia-Pacific as well as CIS and MENA countries.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.