India-focused private equity firm ChrysCapital has invested $57m in growing drugmaker Intas Pharmaceuticals.
ChrysCapital will increase its 11.3 per cent holding in the business as part of the deal, which Intas said represents its last funding before it launches an IPO.
Intas said it would use the financing to pay down some of its debt and aid its expansion across the country.
The private equity firm plans to sell some or all of its stake when the firm floats next year.
Pharmaceuticals are a strong growth area within India, with Fidelity Growth Partners recently leading a $40m financing round for Hyderabad-based Aptuit Laurus, a company that produces active pharmaceutical ingredients (APIs).
As well as pharma Chryscapital invests in business and financial services, consumer goods, infrastructure and manufacturing.
The firm generally looks to invest between $30m and $300m of equity in profitable companies with revenues between $50m and $1bn.
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