Carlyle Group Inc has agreed to buy a 20% stake in the pharmaceutical unit of Indian conglomerate Piramal Enterprises Ltd for $490 million. Piramal Pharma will use the capital injection to accelerate its organic and inorganic growth plans. This transaction is one of the largest private equity deals in the Indian pharmaceutical sector, and is expected to close in 2020, subject to customary closing conditions and regulatory approvals.
Piramal Pharma will include
- Piramal Pharma Solutions, an end-to-end contract development and manufacturing (CDMO) business;
- Piramal Critical Care, a complex hospital generics business selling specialized products across over 100 countries;
- Consumer Products Division, a consumer healthcare business selling over-the-counter products in India; and
- PEL’s investment in the joint venture with Allergan India, a leader in ophthalmology in the domestic market and
- Convergence Chemicals Private Limited.
The investment comes a month after the Washington DC based 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.
Last updated: December 26th, 2025
