Actis, a UK private equity fund manager that invests in emerging markets, is investing $42 million (€33m) for equity in Paras Pharmaceuticals, a healthcare and personal business based in Gujarat, India. The investment is aimed at funding Paras’ expansion.
The deal marks Actis’ third in India so far this year, according to a statement. It comes on the heels of a $15.5 million investment, in July, in a local hospital group which operates under the ‘Sterling’ brand. In March, Actis invested $30million in Dalmia Cement, a manufacturer in south India.
Paras has 15 brands, two of which Moov and D’Cold are in the top ten over-the-counter brands in India, Actis said.
Paras straddles the pharmaceutical and consumer sectors – popular targets for private equity funds seeking investments in India. Earlier this year, The Carlyle Group made its first Asian pharmaceutical investment in the country.
In 2002, Actis provided expansion capital to India’s Glenmark Pharmaceuticals and Jyothy Laboratories. In South Asia, Actis is managing two funds that invest in India: the $325 million Actis India Fund 2, and $150 million South Asia Fund 2.