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Oaktree Cap invests $20m Indian pharma packager

  • Mirzaan Jamwal
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Oaktree Capital Management has bought a 60% stake in Cogent Glass for around INR1.2 billion ($20.6 million). As part of the deal, Cogent has signed an agreement with Oaktree portfolio company SGD for technology sharing as well as marketing and management support.

Cogent manufactures Type I pharmaceutical glass primary packaging from a base close to the Indian pharma hub in Hyderabad. From a production perspective, the site is also close to quartz sources required for making borosilicate glass.

The company has sales and logistics arrangements in domestic as well as international markets.

Oaktree senior vice-president Jean Rollier, has been appointed the non-executive chairman of the Cogent board.

"Cogent provides us an entry into the fast-growing Indian market for pharmaceutical packaging," Rollier said. "The investment in Cogent together with our previous investment in SGD, the world's leading manufacturer of glass for the pharmaceutical and cosmetics industries, reaffirms our belief that this sector will provide dynamic opportunities for growth, globally."

SGD is headquartered in France but has 11 manufacturing facilities in the US, Brazil, Europe and China. It is a leader in the production and decoration of glass bottles for the pharmaceutical and perfume-cosmetics industries.

In 2010 Oaktree invested EUR140 million ($187.2 million) for an 80% stake in the company.

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