Private equity firm Advent International has bought bulk drugs maker ZCL Chemicals for Rs 2,000 crore (around $275 million), offering exits to founder-promoters Parikh family and Morgan Stanley Private Equity Asia.

The family has sold 80% of the firm for Rs 1,610 crore. Of this, about 26% will be transferred subject to customary closing conditions and regulatory approvals.

Morgan Stanley, which had picked up around 20% in 2016 for Rs 150 crore, has exited the company with around Rs 390 crore.

This development comes after Advent last month announced that it had signed a definitive agreement to acquire a majority stake in the bulk drugs manufacturer.

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Source: VC Circle

By Narinder Kapur