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Private equity firm Advent International has signed a definitive agreement to acquire a majority stake in ZCL Chemicals (ZCL), one the fastest-growing pharmaceutical firms in India. The business was formerly known as Zandu Chemicals.
According to people in the know, Advent picked up a 51 per cent stake in the entity, which has an enterprise value of Rs 1,700 crore. With this, Morgan Stanley Private Equity Asia (MSPEA), a private equity platform that previously managed a minority investment in ZCL, will exit the company.
ZCL was advised by Jefferies (Sole Financial Advisor), Bombay Law Chambers (Legal Counsel), and Deloitte (Finance and Tax).
ZCL
