Mumbai-based ICICI Venture and other shareholders have sold their stakes in Ventex, an animal healthcare unit, to Pfizer Animal Health, an arm of Pfizer. Financial details weren't disclosed, although Indian media reports estimated ICICI Venture, which is understood to have sold a majority stake, would receive $75 million from the sale.
ICICI Venture confirmed the sale but declined to comment on the sale price, or the return generated.
Ventex was formerly one of the three units of the allied business portfolio of Ranbaxy Laboratories, a pharmaceutical company. ICICI Venture acquired Ranbaxy in December 2005 and renamed it RFCL. The buyout was reportedly worth about INR1.5 billion ($32 million; €23 million).
The investment in RFCL was made from the India Advantage Fund (Series I), which closed on $267 million in 2003.
RFCL’s other businesses include a fine chemicals unit and a diagnostics division, in both of which ICICI Venture continues to retain its majority stakes.
In April, Renuka Ramnath, the managing director and chief executive officer of ICICI Venture, resigned from the firm. She was replaced by Vishakha Mulye, formerly the executive director of ICICI Lombard General Insurance Company.