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September, 2006 Pragati Maidan, New Delhi, India |
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Blackstone To Invest $50mn In Emcure
Investment to increase holding in co to 25%
The big private equity guns have started firing in India. One of the world’s largest PE investors— The Blackstone Group —is set to invest around ($50m) in the Pune-based Emcure Pharmaceuticals. This should be Blackstone’s first major investment in the country, more than 12 months after it commenced operations in India.
A valuation of around Rs 9bn to Rs 10bn would peg Blackstone’s holding in the pharma company at about 25%.
Emcure had been looking for an investor for over a year but there had been differences over valuations.
The company is said to have rejected offers that were based on valuations of around Rs 6.5bn to Rs 7bn. For Blackstone, this will be its first substantial investment in India.
It is believed to have made its debut in India earlier this year by acquiring a 5% stake in the Chennai-based software company SSI Ltd for around Rs 1.5bn small change for a private equity firm which has announced a $500 million dedicated India fund. Blackstone, along with KKR, Texas Pacific Group, and Carlyle, is the big daddy of the global private equity industry. It has raised and manages funds of more than $14 billion globally and has made investments in nearly 100 companies worldwide.
Date: 05-Jul-2006
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