© Reuters. Passersby walk in front of video monitors announcing the Carlyle Group’s listing on the NASDAQ market site in New York’s Times Square after the opening bell for trading

(Reuters) – U.S.-based Carlyle Group (NASDAQ:) Inc has agreed to buy a 20% stake in the pharmaceutical unit of Indian conglomerate Piramal Enterprises Ltd for about $490 million, the companies said in a statement on Saturday.

Piramal Pharma will use the capital injection to accelerate its organic and inorganic growth plans, the statement said.

The investment comes a month after the private equity firm bought a majority stake in Indian animal healthcare company SeQuent Scientific Ltd.

“India is a hugely strategic part of Carlyle’s Asia business, and a market where we continue to see many attractive investment opportunities,” Greg Zeluck, Co-Head of Carlyle Asia Partners advisory team said.

Earlier this month, India’s Economic Times reported that Carlyle had emerged as the frontrunner to grab a minority stake in the pharma unit of business mogul Ajay Piramal, with U.S. private equity firms TA Associates and KKR & Co Inc also submitting offers for the 20% stake.

The transaction is expected to close in 2020.

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2020-06-27