Advent International, a private equity investor, has signed an agreement to acquire a majority stake in pharmaceutical company ZCL Chemicals Ltd.
With this transaction, Morgan Stanley Private Equity Asia, a private equity platform, will exit its investment.
ZCL (formerly Zandu Chemicals Ltd.) is into manufacture of speciality active pharmaceutical ingredients (APIs) and advanced intermediates.
“ZCL will further fortify our presence in the API market, a key sub-sector focus of ours,” said Shweta Jalan, MD and head of India, Advent International, India.
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