Actis invests Rs294 crore in Indore's Symbiotec Pharmalab

Private equity firm Actis yesterday said that it has invested $48 million (Rs294 crore) in Indore-based pharmaceuticals company Symbiotec Pharmalab Ltd for a significant stake.

Founded in 1995, Symbiotec has grown to become a leading specialist producer of steroid- hormone active pharmaceutical ingredients (APIs).

These active ingredients are used by multinationals and generic pharma companies, to manufacture medications for inflammation, asthma, dermatology, immune functions, and infertility, Actis said in  ttement.

Today Symbiotec is India's leading steroid-hormone active ingredient producer, and the second- largest player in Asia.

Actis said that with the largest number of US Food and Drug Administration (FDA) approved API plants in the world, India is well placed to maintain its global market share by producing high-end, difficult-to-manufacture molecules and drug classes.

Commenting on the investment, JM Trivedi, partner and head of South Asia at Actis, said, ''Symbiotec is the leading Indian manufacturer of steroids-hormone APIs, a specialised pharmaceutical segment. With its FDA approved facilities and high quality products with Asian cost manufacturing advantages, it is on track to become a leading global player.''

Anil Satwani, founder and promoter at Symbiotec said, ''We are delighted to welcome Actis as a partner, one that understands our niche business and brings deep healthcare sector expertise.''

''With their help, we look forward to becoming a global force in the steroid-hormone segment, and writing the next chapter in the company's growth story, ensuring we maintain the very best corporate governance, financial reporting, environmental and social practices as well as identifying and unlocking new markets,'' he added.

IDFC Capital acted as exclusive adviser to Symbiotec on the deal.