MUMBAI Oct 11 U.S. private equity firm KKR & Co
LP will pay about $150 million for close to 30 percent
of India's Gland Pharma Ltd, two sources with direct knowledge
of the matter told Reuters.
A deal is likely to be announced in the coming weeks, one of
the sources said on Friday.
KKR India Chief Executive Sanjay Nayar declined to comment,
while Gland Pharma Vice Chairman Ravi Penmetsa was not
immediately available for comment.
The deal would be KKR's second sizeable India investment in
six months. In April, it bought a controlling stake in India's
Alliance Tire Group from Warburg Pincus LLC for what
sources said was about $500 million.
Established in 1978, unlisted Gland Pharma makes active
pharmaceutical ingredients and injectable formulations for
segments including osteoarthritis, anti-coagulants, gynaecology,
and ophthalmology, according to its website.
Private equity investments in India fell about 67 percent in
the September quarter from a year earlier, to about $1.3 billion
in 75 deals, according to early data from Venture Intelligence.