Regions

Actis is looking to buy more than 25% stake in India's Symbiotec Pharmalab for about US$50 million (INR300 crore). This transaction is said to make Actis a significant minority shareholder in the company, a person with knowledge of the deal said. Actis would effectively buyout Franklin Templeton, an existing investor, and other smaller investors.

Franklin Templeton Asset Management through its Franklin Templeton Private Equity Strategy, in 2011, invested US$750,000 (INR45 crore) in Symbiotec. Another person with direct knowledge of the transaction said that the deal was in its final stages and that they were just waiting for the proper clearances.

Symbiotec Pharmalab is an Indore based cortico-steroids API manufacturer. It currently produces more than 45 products at its two factories in Indore. According to the sources, the capital raised from this transaction will be used to further enhance Symbiotec's research and development and to drive up its expansion by building new plants.