Global investor Actis has acquired Hyderabad-based Rx Propellant, which provides real estate solutions to tenants in life sciences and related sectors.
Rx Propellant is a leading player in the life sciences real estate sector. It is currently involved in development and marketing of a number of real estate projects in design-development stage across Hyderabad and Bangalore targeted at life sciences sector users, aggregating over 3 million square feet, the company said in a statement.
The deal value was not disclosed.
Brian Chinappi, Partner and Global Head of Real Estate at Actis, said: "The life sciences sector in India is already of global strategic importance, as demonstrated during the Covid-19 pandemic. It is poised for significant growth, owing to a confluence of a number of factors both local and global."
Ashish Singh, Partner and Head of India and SE Asia Real Estate at Actis, said: "Life sciences corporations have unique requirements and often need customised real estate solutions which are deficient in supply."
The Rx Propellant looks to fill this gap, and help support India-bound drug discovery and manufacturing programmes by providing customised real estate solutions, he added.
"In the initial phase, Actis is looking to invest USD 200 million (around Rs 1,550 crore) into a buy & build program targeting both greenfield and brownfield assets with an emphasis on sustainability."
Rx Propellant will focus on thriving life sciences clusters in Hyderabad, Bangalore and Mumbai.
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