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Business Standard
30-06-2025
- Business
- Business Standard
Torrent Pharma gains after inking pact to acquire majority stake in JB Chemicals & Pharma
Torrent Pharmaceuticals added 2.22% to Rs 3,418.60 after the company entered into definitive agreement with KKR to acquire controlling stake in JB Chemicals and Pharmaceuticals at an equity valuation of Rs 25,689 crore. Shares of JB Chemicals & Pharmceuticals declined 6.63% to Rs 1,680.05 on the BSE. The acquisition would provide access to a fast growing India franchise, with leading brands in the chronic segment, and entry into untapped therapeutic areas like ophthalmology. It strengthens market share in the IPM for Torrent and offers operational synergies across multiple business functions. The deal also supports platform diversification through entry into the CDMO segment with long-term potential. Additionally, it facilitates consolidation in key international markets and greater ability to scale up. The transaction will be executed in two phases. In first phase, the company will acquire 7,44,81,519 equity shares, representing a 46.39% stake at Rs 1,600 per share, for a total consideration of Rs 11,917 crore from the promoter seller, KKR. Additionally, the company plans to acquire up to 44,99,782 shares, representing a 2.80% stake at the same price of Rs 1,600 per share, from certain employees of JB Chemicals & Pharmaceuticals. Furthermore, the company will launch an open offer to acquire 4,17,45,264 equity shares or 26% stake at Rs 1,639.18 per share from public shareholders of JB Chemicals & Pharmaceuticals. In second phase, the company will merge with JB Pharma through a scheme of arrangement. As per the approved by the board of directors of both companies, shareholders of JB Pharma will receive 51 shares of Torrent for every 100 shares held in JB Pharma upon completion of the merger. Samir Mehta executive chairman, Torrent, commented: We are pleased to have on board the JB Pharma heritage and build on the platform for the future. Torrents deep India presence and JB Pharmas fast growing India business, combined with the CDMO and international footprint offers immense potential to scale both revenue and profitability. This strategic alignment furthers our goal of strengthening our presence in the Indian pharma market, and build a larger diversified global presence. Moreover, the CDMO platform provides a new long-term avenue of growth for Torrent. Gaurav Trehan, co-head of Asia Pacific and head of Asia Pacific Private Equity, KKR, and CEO of KKR India, said: JB Pharmas transformation under our stewardship is a testament to KKRs ability to scale high-quality companies. We are proud to have collaborated with JB Pharmas management team, led by Nikhil Chopra, to bring the breadth of KKRs global experience and operational expertise to support the companys organic and inorganic growth, and help JB Pharma become one of Indias fastest growing branded pharmaceutical companies. We believe the company is well-positioned for continued growth ahead and wish the team every success in its next chapter with Torrent. Torrent Pharma is the flagship company of the Torrent Group. It is amongst the Top 5 in the therapeutics segments of Cardiovascular (CV), Gastro Intestinal (GI), Central Nervous System (CNS) and Cosmo-Dermatology. It has 8 manufacturing facilities, of which 5 are USFDA approved. J.B. Chemicals & Pharmaceuticals is a public listed company primarily engaged in the business of manufacturing and marketing of diverse range of pharmaceutical formulations.
India.com
30-06-2025
- Business
- India.com
Torrent Pharma To Buy Controlling 46.39% Stake In JB Chemicals For Rs 25,689 Crore
New Delhi: Torrent Pharmaceuticals, the flagship company of the Torrent Group, on Sunday announced to buy a controlling 46.39 per cent stake in JB Chemicals and Pharmaceuticals from global investment firm KKR at an equity valuation of Rs 25,689 crore. After the acquisition, Torrent plans to merge JB Chemicals with itself. "The transaction marks a significant step in Torrent's ambition to create a future-ready, diversified healthcare platform combining a deep chronic segment heritage with emerging international CDMO capabilities," said JB Chemicals and Pharmaceuticals Limited in an exchange filing. The transaction will be executed in 2 phases. The first phase includes the acquisition of 46.39 per cent equity stake (on a fully diluted basis) through a Share Purchase Agreement (SPA) at a consideration of Rs 11,917 crores, followed by a mandatory open offer to acquire up to 26 per cent of JB Pharma shares from public shareholders at an open offer price of Rs 1,639.18 per share. In addition to the above, Torrent has also expressed its intent to acquire up to 2.80 per cent of equity shares from certain employees of JB Pharma at the same price per share as KKR. The second phase includes 'merger between Torrent and JB Pharma through a scheme of arrangement'. As per the approval given by the Board of Directors of both companies, upon merger of JB Pharma with Torrent, every shareholder holding 100 shares in JB Pharma will receive 51 shares of Torrent, the exchange filing read. 'We are pleased to have on board the JB Pharma heritage and build on the platform for the future. Torrent's deep India presence and JB Pharma's fast growing India business, combined with the CDMO and international footprint offers immense potential to scale both revenue and profitability,' said Samir Mehta Executive chairman, Torrent This strategic alignment furthers our goal of strengthening our presence in the Indian pharma market, and build a larger diversified global presence. Moreover, the CDMO platform provides a new long-term avenue of growth for Torrent,' he mentioned. According to Gaurav Trehan, Co-Head of Asia Pacific and Head of Asia Pacific Private Equity, KKR, and CEO of KKR India, JB Pharma's transformation under their stewardship is a testament to KKR's ability to scale high-quality companies. 'We are proud to have collaborated with JB Pharma's management team, led by Nikhil Chopra, to bring the breadth of KKR's global experience and operational expertise to support the company's organic and inorganic growth, and help JB Pharma become one of India's fastest growing branded pharmaceutical companies,' he noted. Both the SPA and Scheme are subject to standard requisite statutory and regulatory approvals, including from Securities and Exchange Board of India (SEBI), Stock Exchanges, the Competition Commission of India (CCI), National Company Law Tribunal (NCLT), and other approvals, as applicable. 'As we now enter a new chapter alongside Torrent Pharmaceuticals, we are confident that the combined strengths of our organisations will unlock greater opportunities to enhance healthcare access across our markets,' said Nikhil Chopra, Chief Executive Officer and Whole Time Director of JB Pharma.
Time of India
02-06-2025
- Business
- Time of India
KKR commits $600 m credit finance to Manipal group
KKR, a leading global investment firm, and Manipal Education and Medical group announced a $600-million credit financing arranged by KKR Capital Markets to the group. The investment will accelerate the group's expansion and growth by providing flexible, structured capital matched to its long-term strategic needs. Tired of too many ads? go ad free now Gaurav Trehan, co-head of KKR Asia Pacific and head of Asia Private Equity, KKR said, "The Manipal group has built a strong reputation over the decades as one of India's healthcare and education leaders, and we look forward to supporting and contributing to their continued success.' Ranjan Pai, chairman of Manipal Education and Medical Group, said, 'KKR's longstanding India focus and flexible capital approach, as well as alignment with our long-term vision, present a strong fit for us.' The Manipal group has major businesses across the healthcare, education, and health insurance sectors, including Manipal Health Enterprises, one of India's top multispecialty hospitals chains. The investment will be routed from KKR's Asia Pacific Credit strategy and insurance platform. Since 2019, KKR has committed over $8 billion across around 60 credit investments under its Asia Pacific Credit strategy, accounting for a total transaction volume of over $21 billion. Additional details of the transaction were not disclosed.
Mint
02-06-2025
- Business
- Mint
KKR provides $600 mn financing to Manipal Group to fuel its corporate expansion
Global investment firm KKR announced on Tuesday that it would finance the Manipal Group with $600 million, making this the firm's largest credit investment in India. The investment, arranged by KKR Capital Markets and anchored by KKR's private credit and insurance platform, will enable the Manipal Education and Medical Group (or the Manipal Group) to accelerate its corporate expansion and growth objectives by providing flexible, structured capital matched to its long-term strategic needs, the two entities said in a statement. 'KKR's longstanding India focus and flexible capital approach, as well as alignment with our long-term vision, present a strong fit for us,' Dr. Ranjan Pai, chairman of the Manipal Group, said in the statement. 'The Manipal Group has built a strong reputation over the decades as one of India's healthcare and education leaders, and we look forward to supporting and contributing to their continued success,' added Gaurav Trehan, co-head of KKR Asia Pacific and head of Asia Private Equity at KKR. KKR is making this investment from its Asia Pacific Credit strategy and insurance platform. Since 2019, it has committed more than $8 billion across about 60 credit investments under the Asia Pacific Credit strategy platform, accounting for a total transaction volume of over $21 billion. Additional details of the transaction were not disclosed. KKR's Asia Pacific Credit platform seeks to provide bespoke solutions to high-quality companies, entrepreneurs, promoters, and sponsors, among other private credit strategies. These solutions harness the strength of KKR's private markets investment capabilities and expertise as one of the largest alternative credit managers globally. 'This transaction underscores the strength of our global credit platform and our ability to provide strategic, scaled capital solutions to leading businesses,' Diane Raposio, partner and head of Asia credit and markets at KKR, said. 'India is a priority market for our credit strategy, and we look to build on this momentum to be a partner of choice to more high-quality companies like Manipal on their growth ambitions,' Raposio added. The Manipal Group is a leading conglomerate in India with various institutions and major businesses, including Manipal Health Enterprises, one of the country's top multispecialty hospital chains, across the healthcare, education, and health insurance sectors.
Yahoo
02-06-2025
- Business
- Yahoo
KKR Provides $600 Million Financing to Indian Conglomerate Manipal Group
Transaction marks KKR's latest and largest credit investment in India MUMBAI, India, June 02, 2025--(BUSINESS WIRE)--KKR, a leading global investment firm, and Manipal Education and Medical Group ("MEMG" or "Manipal Group"), a major diversified conglomerate in India, today announced a $600-million financing arranged by KKR Capital Markets and anchored by KKR's private credit and insurance platforms to the Manipal Group. The investment will enable the Manipal Group to accelerate its corporate expansion and growth objectives by providing flexible, structured capital matched to its long-term strategic needs. The Manipal Group is a leading conglomerate in India with various institutions and major businesses across the healthcare, education, and health insurance sectors, including Manipal Health Enterprises, one of India's top multispecialty hospitals chains in India. KKR's Asia Pacific Credit platform seeks to provide, among other private credit strategies, bespoke solutions to high-quality companies, entrepreneurs, promoters and sponsors that harness the strength of KKR's private markets investment capabilities and its expertise as one of the largest alternative credit managers globally. Gaurav Trehan, Co-Head of KKR Asia Pacific and Head of Asia Private Equity, KKR said, "We are pleased to deepen our relationship with the Manipal Group and Dr Ranjan Pai, who have established one of India's pre-eminent and homegrown businesses, as they continue to deliver on their long-term vision. The Manipal Group has built a strong reputation over the decades as one of India's healthcare and education leaders, and we look forward to supporting and contributing to their continued success." Dr. Ranjan Pai, Chairman of Manipal Education and Medical Group, said, "We are proud to welcome KKR as a strategic partner as we continue to build on Manipal's legacy in healthcare and education. KKR's longstanding India focus and flexible capital approach, as well as alignment with our long-term vision, present a strong fit for us." Diane Raposio, Partner and Head of Asia Credit and Markets at KKR, added, "This transaction underscores the strength of our global credit platform and our ability to provide strategic, scaled capital solutions to leading businesses. India is a priority market for our credit strategy, and we look to build on this momentum to be a partner of choice to more high-quality companies like Manipal on their growth ambitions." KKR is making its investment from its Asia Pacific Credit strategy and insurance platform. Since 2019, KKR has committed more than $8 billion across around 60 credit investments under its Asia Pacific Credit strategy, accounting for a total transaction volume of more than $21 billion. Additional details of the transaction are not disclosed. About KKR KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at About Manipal Education and Medical Group (MEMG) Founded in 1953 by Padma Shri Dr TMA Pai, MEMG has evolved into a diversified conglomerate, with a strong presence in healthcare, education and health insurance in India and globally. MEMG's operations touch the lives of over 20 million people annually with Manipal Hospitals scaling up to become the largest tertiary network in India. MEMG's flagship University, Manipal Academy of Higher Education has been recognized as an Institute of Eminence by the Government of India. Claypond Capital, the family office of Dr. Pai and the investing arm of MEMG has been one of the more prolific investing family offices in India in the last 18 months. Their marquee investments include Aakash, BPL Medical, BlueStone, Easy Home Finance, First Cry, Finnable, InCred Finance, NSE, Panacea Medical, PharmEasy, Purpple, Recykal, SSI Innovations and Zepto. View source version on Contacts Media Contacts For KKR Asia PacificWei Jun Ong+65 6922 For Manipal GroupShyam Powar+91 98804 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
