India Venture Advisors backs drugs manufacturer
India Venture Advisors, the healthcare and life sciences-focused private equity fund founded by Ajay Piramal and former State Bank of India (SBI) chairman A K Purwar, has invested INR700 million ($13.8 million) in drug manufacturer Vardhman Chemtech.
Purwar confirmed the investment, which takes the form of convertible preference shares, to VCCircle.
Vardhman Chemtech is an integrated manufacturer of bulk drugs, intermediates and fine chemicals. The company's turnover is expected to reach INR3.7 billion for the current financial year, compared with the INR2.5 billion recorded last year.
"We have raised the money to fuel the growth plans of the company. The capital will help Vardhman expand its product base and reach," said Suyog Jain, founder and managing director of Vardhman.
Meanwhile, Vardhman manufactures 14 products and exports to key emerging markets including China, North Africa and Latin America. The company's second plant is already in place help meet the increasing demand for its products.
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