Kedar Rajadnye, president and COO of consumer products division at Piramal Enterprises, has quit the group to join as the CEO of private equity firm True North Capital’s pharmaceuticals-focused platform Integrace Pvt. Ltd, reported The Economic Times.
Integrace was formed after True North acquired the orthopaedic & pain management business from Glenmark Pharmaceuticals in August for Rs 635 crore. Glenmark’s orthopaedic & pain management business in India, consisting of brands such as Esoz, Bon K2, Collasmart, and Lizolid, clocked revenue of Rs.155.8 crore in FY 2017-18.
Rajadyne, who is likely to join Integrace later this month, will also help True North expand its pharma & healthcare portfolio.
Rajadnye joined Piramal Group in 2004 to head a vast portfolio of domestic pharmaceutical businesses. Since 2008, he has been responsible for the consistent growth of the entire division at a CAGR of 28 per cent. Over the years, it has moved up from rank 40 in 2007 to rank 7 in 2012, in the Indian OTC market, according to the company’s website.
He played an influential role in building brands such as Lacto Calamine, Saridon, Tetmsosol, Jungle Magic and QuikKool and has also been instrumental in the acquisitions and growth of i-pill and Caladryl, the website said.
Prior to joining the Piramal Group, Rajadnye worked at Hindustan Unilever for eight years in the sales and marketing division.
He is an alumnus of Jamnalal Bajaj Institute of Management Studies and has also completed the executive development program at Harvard Business School.
True North (formerly known as India Value Fund), has $2.5 billion of assets under management and has invested in more than 30 companies in its 19 years of operations.