JM Financial PE acquires stake in India's Innovcare

Darius Pandole, head of PE unit, JM Financial Ltd.

JM Financial Private Equity has bought a significant minority stake in nutraceutical firm Innovcare Lifesciences Pvt. Ltd, a person aware of the development said.

The valuation of the deal could not be independently verified. However, the transaction will happen across two tranches, based on achievement of operating milestones negotiated between the two parties, the person said, requesting anonymity. The parent JM Financial Ltd is investing around 45 crore in the private equity business, he added.

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