PE firm Actis says invests $48 million in Symbiotec Pharmalab

Private equity firm Actis said on Tuesday it invested $48 million in Indian pharmaceuticals company Symbiotec Pharmalab Ltd for a significant stake.

Symbiotec is a leading specialist producer of steroid- hormone active pharmaceutical ingredients and has over 200 customers, including large multinationals as well as generic pharmaceutical companies, Actis said in a statement.

Actis, which manages $5 billion globally, invests mostly in emerging markets.

Private equity investments in India fell about 67 per cent in the September quarter from a year earlier to about $1.3 billion over 75 deals, according to early data from Venture Intelligence.

IDFC Capital, a unit of IDFC Ltd IDFC advised Symbiotec on the deal, the statement said.

Copyright: Thomson Reuters 2013