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Desai Diwanji, Platinum buff steroid-maker Symbiotec with $48m Actis funds

Tasty steroids
Tasty steroids

Desai & Diwanji advised Indore-based steroids manufacturer Symbiotec Pharmalab, its promoter and 22 other shareholders in the Rs 292 crore ($48m) investment by private equity (PE) firm Actis Medal Sports for a 69.9 per cent stake. Actis was advised by Platinum Partners.

Desai & Diwanji partner Rachna Jain, senior associate Nikhil Sachdeva and associate Nakul Batra acted for Symbiotec and its existing investors which also included Franklin Templeton Asset Management (India), Rakesh Jhunjhunwala and Naishad Paleja.

Platinum Partners partners Gautam Bhat and Nihar Mody with associates Abhinav Bhalaik, Jagriti Mohata and Shivranjani Ralawata acted for Actis Medal Sports – a Mauritian group company of global PE firm Actis.

The Infrastructure Development Finance Company (IDFC) also advised Symbiotec on the deal, according to Mint. The deal had been in the final stages of documentation and waiting for clearance from the Foreign Investment Promotion Board (FIPB) since July, wrote the Economic Times. VC Circle reported that this is the second pure pharma deal for Actis in India, after Glenmark.

Private equity investments in India fell about 67 per cent in Q3 2012 to about $1.3bn over 75 deals, according to early data from Venture Intelligence, Reuters reported recently.

Photo by Russel Bernice

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