P I Industries to acquire API business of Ind Swift Laboratories

P I Industries has executed a business transfer agreement with lnd Swift Laboratories and certain identified promoters of ISLL for acquisition (either itself or through its affiliate) of API business division of ISLL by way of a slump sale on a going concern basis.

PI Industries (PI) expects to create significant value by leveraging combined capabilities and unlock synergies. The API business of ISLL has diversified portfolio of 20+ products with leadership position (global top 5) in several of them and a good R&D product pipeline. PI has also developed strong R&D pipeline of products and complementary technologies over last few years. Introduction of new and cutting-edge technologies will also enable building a differentiated and sustainable relationship with global customers backed by quality and efficiency.

The parties have agreed that the enterprise value of the API business division on a debt free and cash free basis shall be Rs 1530 crore. The agreed enterprise value shall be subject to adjustments on account of working capital, dues of lenders and unfunded employee liabilities.

ISLL is engaged in the business of manufacturing Active Pharmaceutical Ingredients (API) and intermediates.

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