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| Elephant Capital buys stake in ClinTec Intl for Rs 58 cr |
| Press Trust of India / New Delhi Aug 20, 2010, 16:43 IST |
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Elephant Capital, a private equity firm led by Dabur group promoter Gaurav Baurman, today said it has acquired a minority stake in clinical research firm ClinTec International for 8 million pounds (Rs 58 crore).
"Through this investment, Elephant has entered the attractive clinical research base, where ClinTec operates as a global provider of outsourcing solutions addressing the drug development lifecycle," the company said in a statement.
It, however, did not disclose the exact amount of stake picked up by the private equity firm.
Burman, who is the Managing Partner of Elephant Capital, and James Hauselein a non-executive director of the firm, have also made personal co-investments of 150,000 pounds (Rs 1.09 crore) and 200,000 pounds (Rs 1.45 crore) respectively in the transaction, it added.
"We are looking forward to a long-term partnership with ClinTec International and building on all that has been achieved to date," Burman said.
Elephant Capital said the partnership will facilitate expansion plans of Clintec International in India as well as in the Asia Pacific region.
Besides, as part of the transaction, the UK based-ClinTec International said Gaurav Burman, Anand Burman and Jim Hauslein will take up seats on the board.
"We value the strategic input of Elephant, the Burman family and their wealth of experience in Dabur, as well as the extensive experience of our US Board Director, James Hauslein," Rabinder Buttar President and CEO of ClinTec International said.
Founded in 1997, ClinTec International now operates in around 40 countries across the globe.
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