Global PE firm Actis picks up stake in Indore's Symbiotec Pharmalab

Global private equity (PE) firm Actis has picked up a significant stake in Indore-based Symbiotec Pharmalab Ltd for $48 million (nearly Rs 300 crore).

Symbiotec is the country's leading producer of steroid-hormone active pharmaceutical ingredients (APIs), and its 200 plus customer base includes multinational firms as well as home-grown pharmaceutical firms.

Commenting on the development, JM Trivedi, partner and head of South Asia at Actis, on Tuesday said Symbiotec is the leading Indian manufacturer of steroids-hormone APIs, a specialised pharmaceutical segment.

"With its US FDA approved facilities and high quality products with Asian cost manufacturing advantages, it is on track to become a leading global player," he added.

IDFC Capital acted as exclusive adviser to Symbiotec on the deal.

"We are delighted to welcome Actis as a partner, one that understands our niche business and brings deep healthcare sector expertise," Symbiotec founder and promoter Anil Satwani said.

With Actis' help, the company looks forward to becoming a global force in the steroid-hormone segment and writing the next chapter in the growth story, he added.