Private equity firm TPG Capital is looking to exit its five-year-old investment in Hyderabad-based Sai Life Sciences, a pharmaceutical contract development and manufacturing organisation, a media report said.
The move could fetch the PE firm as much as $500 million for its minority stake in the company, The Economic Times reported, citing three people with knowledge of the matter.
TPG had invested about $135 million (around Rs 900 crore) in Sai Life Sciences in 2018 and holds a 43.4% stake in the company. Established in 1999, the company entered the contract manufacturing services business in 2005.
Promoters of Appasamy Associates plan to sell a controlling stake in the Chennai-based medical equipment manufacturing company, and are in initial talks with private equity investors, The Economic Times reported, citing two people aware of the development.
The potential sale is likely to value the company at Rs 1,800-2,000 crore, the report said.
The recent death of founder Kasthuri N Ravilla has prompted the second-generation members to offload the majority stake and professionalize the family business. The promoter family will continue to hold a minority stake in the company, the report said.
