PI Industries Limited has executed a business transfer agreement with Ind Swift Laboratories Limited (ISLL) and certain identified promoters of ISLL for acquisition (either itself or through its affiliate) of API business division of ISLL by way of a slump sale on a going concern basis.

The parties have agreed that the enterprise value of the API business division on a debt free and cash free basis shall be INR 1530 crs. The agreed enterprise value shall be subject to adjustments on account of working capital, dues of lenders and unfunded employee liabilities.

ISLL is engaged in the business of manufacturing and Export of Active Pharmaceutical Ingredients (API) and Advanced Intermediates. Company cater to the API needs of regulated and Soft Regulated Markets. The Manufacturing Facilities of the Company are accredited from all regulatory agencies including USFDA, EDQM, PMDA, ANVISA, EU-GMP, KFDA, NMO, ANSM, Cofepris, TGA, WHO, ROW.

PI Industries Limited (PI) expects to create significant value by leveraging combined capabilities and unlock synergies. The API business of ISLL has diversified portfolio of 20+ products with leadership position (global top 5) in several of them and a good R&D product pipeline. PI has also developed strong R&D pipeline of products and complementary technologies over last few years. Introduction of new and cutting-edge technologies will also enable building a differentiated and sustainable relationship with global customers backed by quality and efficiency.

Subject to satisfactory completion of the conditions precedent as provided under the BTA, the parties aim to achieve the closing of the transaction in an efficient and expeditious manner, within 3 (three) months from the date of execution of the agreement.