India Dealbook: Centrum buys FirstRand Bank’s India ops; Alembic Pharma acquires Orbit Labs

While Centrum has acquired FirstRand Bank’s India microfinance business, Alembic Pharma has bought US-based drug developer Orbit Labs.

Centrum acquires FirstRand Bank’s India microfinance business

Centrum Capital is acquiring South African financial services firm FirstRand Bank‘s India microfinance business to boost its lending operations focused on retail and small and medium enterprises.

The financial details of the deal were not disclosed.

“Besides acquiring the high quality loan portfolio, we plan on infusing additional capital to build this business and expand it to other states. We will also take on board the highly skilled employees of the microfinance division of FRBI, who will play a significant role in helping us grow the business,” said Jaspal Bindra, Chairman, Centrum Group.

Centrum has already received a microfinance institution licence from the Reserve bank of India, and the acquisition will provide the NBFC a readymade platform for the same. It will also leverage FirstRand Bank’s microcredit balance sheet and network, according to an official statement.

FirstRand Bank had earlier announced its plans to exit retail and SME lending operations in India.

Alembic Pharma acquires US-based drug developer Orbit Labs

Alembic Pharma today announced that it has completed the acquisition of US-based generic drug developer Orbit Laboratories LLC, along with its real estate owned by Okner Realty LLC.

The financial details of the transaction were not disclosed.

This acquisition increases Alembic’s US product portfolio with seven approved ANDAs and four ANDAs pending approvals. It also increases Alembic’s breadth and capabilities in the US with a competent R&D team bringing complementary skill sets in soft gelatin based oral solids and oral liquids, the company said in a release.

“This tuck-in acquisition marks our first cross-border transaction, especially reflecting our ambition to grow Alembic’s US generic business in a measured way which meets our internal hurdle rate,” said RK Baheti, CFO, Alembic.

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