Carlyle has agreed to pick up a significant minority stake in Ajay Piramal’s pharma business for $490 million trumping rival private equity peers KKR and TA Associates. The 20% stake sale values Piramal’s pharma business at Carlyle’s offer would value the business at around Rs 20,000 crore ($2.6 billion).

— The Economic Times

Cyril Amarchand Mangaldas acted for Piramal, led by managing partner Cyril Shroff with partners Radhika Gaggar and Ruetveij Pandya.

AZB & Partners acted for steady client Carlyle, with partner Sayak Maity and senior associate Sneha Nagvekar.

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