Drug firm Ind-Swift Laboratories on Wednesday said that its board had approved to sell active pharmaceutical ingredients (APIs) and contract research and manufacturing services (CRAMS) businesses to India Resurgence Fund (IndiaRF) for Rs 1,650 crore. 

Chandigarh-based Ind-Swift has two manufacturing sites – in Punjab and Jammu – and a combined reactor capacity of 700 kl of APIs catering to both regulated and unregulated markets. 

The company’s API business has a strong presence across the US, Japan, Korea, the European Union, Brazil and India. 

IndiaRF, a leading India-focused investment platform promoted by Piramal Enterprises and Bain Capital, would acquire the business for a consideration of Rs 1,650 crore, the drug firm said in a statement. 

“...IndiaRF, which has a pedigree and track record in transforming businesses across varied sectors, will support and invest in the growth of the business,” Ind-Swift Chairman and Managing Director N R Munjal said. 

IndiaRF MD Shantanu Nalavadi said: “We believe the business needs the necessary capital infusion for it to acquire, scale and move upwards in the growth trajectory.” 

The company was committed to invest further primary capital into the businesses to expand capacity on the back of growth from newer geographies and investment in new product development across both API and CRAMS to provide a larger portfolio of products to customers, he added.