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IndiaRF to Acquire Ind-Swift's API, CRAMS Units for INR 1650 Cr 

Written by : Trishti Pariwal

September 7, 2023

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The API and CRAMS business of Ind-Swift Laboratories will be transferred to Synthimed Labs, an IndiaRF portfolio firm, with the board of directors' approval. 

India Resurgence Fund (IndiaRF), a leading India-focused investment platform promoted by Piramal Enterprises and Bain Capital to acquire Ind-Swift Laboratories' Contract Research and Manufacturing Services (CRAMS) and Active Pharma Ingredients (API) for a consideration of INR 1650 Cr.'¯ 

The API and CRAMS business of Ind-Swift Laboratories will be transferred to Synthimed Labs, an IndiaRF portfolio firm, with the board of directors' approval. 

In FY23, Ind-Swift recorded a combined revenue of INR 1,207 Cr and EBITDA of INR 256 Cr. The transaction must receive approval from shareholders and the appropriate authorities. Additionally, Synthimed will purchase a manufacturing plant for intermediate products from the promoter group. 

'œInd-Swift has a strong market presence and competitive cost position. We are committed to invest further primary capital into the businesses to expand capacity on 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 its customers,' said Shantanu Nalavadi, MD, IndiaRF. 

Ind-Swift is one of India's top 10 independent merchant API companies in terms of scale, with two manufacturing facilities in Punjab and Jammu. It serves regulated and unregulated markets with a total reactor capacity of 700 KL. 

'œInd-Swift is amongst the largest independent API players in India and has had the track recording of developing API molecules with customer centric approach and has created high quality facilities. We are delighted that IndiaRF, which has a pedigree and track record in transforming businesses across varied sectors, will support and invest in the growth of the business,' said NR Munjal, chairman and MD, Ind-Swift. 

IndiaRF was launched in 1998 as a leading India-focused distressed and special situation investment platform that provides long-term, risk-adjusted returns to investors. The platform uses the combined strengths of PEL's extensive local experience, goodwill, and reputation and BCC's global business acumen to develop and provide alluring value propositions to international marquee investors. 

Piramal Enterprises, founded in 1984, is a leading diversified non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI). The business is present on platforms for fund-based lending, retail lending, and wholesale lending. PEL has developed a technology platform with cutting-edge financial solutions that meet the needs of several industrial verticals and is powered by artificial intelligence (AI). 

Bain Capital, founded in 1984, is considered as one of the world's leading private investment firms. It manages assets worth around $175 bn that have a long-lasting effect on investors, staff, businesses, and communities. Recently, the company acquired 100% shares of Sunshine Leases, a Greek financial leasing subsidiary of Piraeus Bank. 


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