Private equity major Blackstone is selling its stake in Pune-based Emcure Pharmaceuticals to Bain Capital.
"We are delighted to welcome Bain Capital and look forward to reaching greater heights in partnership with them," Emcure Managing Director and CEO Satish Mehta said in a press release issued here today.
However, the transaction is subject to regulatory approvals including from the Foreign Investment Promotion Board (FIPB), the release said.
Talking about the development, Blackstone's co-head of private equity Amit Dixit said, "Emcure was the first private equity investment by Blackstone in India. Since our investment, the company has significantly strengthened its position in the Indian pharmaceutical market and established a strong presence in the US and other semi-regulated markets."
Bain Capital's Managing Director Amit Chandra said, "Emcure's strong management team, has built high quality chemistry skills, and robust marketing and distribution capabilities, which gives Bain Capital managed funds the conviction that the company is capable of continued strong growth and value creation in the years ahead".