Acquisitions in Maharashtra, India

Torrent Pharmaceuticals has entered definitive agreements to acquire a controlling stake in J.B. Chemicals & Pharmaceuticals (JB Pharma) from KKR, valuing JB Pharma’s equity at INR 25,689 crores on a fully diluted basis. The deal will occur in phases, starting with Torrent’s purchase of 46.39% (with additional purchases and a mandatory open offer up to 26%), and will be followed by a merger of JB Pharma into Torrent via a scheme of arrangement.

Straive, a global provider of data, analytics, and AI operationalization services, announced it has acquired SG Analytics (SGA), an AI-powered insights and contextual analytics services firm. The deal expands Straive’s capabilities and scale in data & AI solutions across verticals including banking and financial services, information services, and technology/media, with SGA operating from offices in New York, London, and Pune. Novistra Capital served as exclusive financial advisor to SG Analytics.

IDFC FIRST Bank’s board approved a preferential issue of equity capital (CCPS) totaling approximately ₹7,500 crore to two investors: Currant Sea Investments B.V. (an affiliate of Warburg Pincus) and Platinum Invictus B 2025 RSC Limited (a wholly owned subsidiary of ADIA). The capital raise is intended to strengthen the bank’s balance sheet and support its next phase of growth, subject to shareholder and regulatory approvals.

Improving, a digital services and technology consulting organization, acquired InfraCloud, an open-source cloud-native computing company focused on AI cloud services and application modernization. The deal expands Improving’s development capabilities in Asia by adding InfraCloud’s primarily Pune, India-based workforce and deep cloud-native engineering expertise. InfraCloud’s leadership team will remain in place to continue leading and growing the business within Improving’s portfolio.

Shriram Housing Finance announced it has rebranded as Truhome Finance following its acquisition by Warburg Pincus and co-investors including QIA. The transaction, completed in December 2024, involved an investment of ₹1,225 crore into Shriram Finance Group and is intended to support Truhome Finance’s growth in affordable housing finance across India.

Interpublic Group acquired Mumbai-based retail and e-commerce analytics company Intelligence Node in a deal reported at nearly $100 million (including integration costs), strengthening Interpublic’s commerce and retail media capabilities. Intelligence Node’s AI-driven platform aggregates and analyzes billions of data points across thousands of retail categories and global markets, and its data will be integrated across Interpublic’s agency portfolio and Acxiom; Intelligence Node will maintain its brand.

Reliance Industries Limited (RIL), Viacom18 and The Walt Disney Company completed a transaction to form a joint venture in India by merging Viacom18’s media and JioCinema businesses into Star India Private Limited (SIPL). RIL also invested ₹11,500 crore (~US$1.4B) of growth capital into the JV, which is valued at ₹70,352 crore (~US$8.5B) post-money and will be controlled by RIL. Separately, RIL bought out Paramount Global’s entire 13.01% stake in Viacom18 for ₹4,286 crore.

OmniActive Health Technologies announced the acquisition of ENovate Biolife to expand its portfolio of clinically studied botanical health ingredients for consumer product markets. ENovate, headquartered in Mumbai, develops proprietary botanical ingredients across sports and active nutrition and other health categories, and has previously partnered with OmniActive via a licensing agreement for enXtra.

Funds managed by EQT (via EQT Private Capital Asia / BPEA Private Equity Fund VIII) agreed to acquire a controlling beneficial interest in GeBBS Healthcare Solutions Private Limited from ChrysCapital. GeBBS is a healthcare technology and outsourcing provider focused on revenue cycle management (RCM), health information management, medical coding and billing, and risk adjustment services for US healthcare providers and payers. The transaction is expected to close in Q4 2024.

Platinum Equity acquired a controlling stake in the core Oral Solid Dosage (OSD) business of Inventia Healthcare Limited, a Mumbai-headquartered generic pharmaceuticals manufacturer and developer. The stake was purchased from India Life Sciences Fund III (advised by InvAscent), NYLIM Jacob Ballas India Fund III and affiliates, and the founding Shah family, which is retaining a minority interest; Inventia’s injectables (Invengene) and nutraceuticals (Nutriventia) businesses are excluded from the deal and remain with the Shah family.

Warburg Pincus acquired a majority equity stake in Ebco Private Limited, an Indian manufacturer of furniture fittings and architectural hardware. Ebco’s promoters will retain a significant minority stake and remain actively involved in driving the company’s next phase of growth.

KKR signed definitive agreements for a fund it manages (Asian Fund IV) to invest in Infinx Services Private Limited, an AI-driven provider of revenue cycle management solutions for the U.S. healthcare market. The investment is intended to accelerate Infinx’s growth, expand its network, and support future bolt-on acquisitions. Norwest Venture Partners also participated in the financing.

EQT Private Capital Asia, via BPEA Private Equity Fund VI, sold its remaining 26.7% stake in CMS Info Systems Limited in a USD 187 million block trade. CMS Info Systems, headquartered in Mumbai, provides ATM and retail cash management, cash-in-transit, ATM managed services, and banking automation solutions across India.

Dhoot Transmission Group announced a strategic growth investment from Bain Capital, with Bain acquiring a significant minority stake in the automotive components manufacturer. Founder and CEO Rahul Dhoot will continue to partner with Bain to support Dhoot’s growth, innovation, global expansion, and future M&A initiatives. Financial terms of the private transaction were not disclosed and the deal is subject to regulatory approval.

Qatar Investment Authority (QIA) will invest ₹8,278 crore (about $1 billion) in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited. The investment results in a 0.99% minority equity stake in RRVL on a fully diluted basis, valuing RRVL among India’s top four companies by total equity value.

BPEA Private Equity Fund VIII (BPEA EQT), together with co-investor ChrysCapital, agreed to acquire a 90% stake in HDFC Credila for an INR 103.5 billion pre-money valuation. The stake is being purchased from parent Housing Development Finance Corporation Ltd. (HDFC), which will retain a 9.99% minority stake. The investor consortium also plans to inject INR 20 billion of primary capital to fund growth and accelerate HDFC Credila’s digital transformation.

Bain Capital Private Equity’s affiliate sold its stake in J M Baxi Ports & Logistics Ltd to German shipping and container transportation company Hapag-Lloyd in a private transaction with undisclosed financial terms. The sale is subject to regulatory approvals and follows Bain Capital’s two-year investment supporting J M Baxi’s port capacity and logistics expansion.

Advent International entered into a definitive agreement to acquire a significant stake in Suven Pharmaceuticals from the Jasti family, subject to regulatory approvals and conditions. Advent will also make an open offer to acquire an additional 26% of Suven’s outstanding shares from public shareholders. After closing, Advent intends to explore merging Suven with its portfolio company Cohance Lifesciences to create an end-to-end CDMO and merchant API platform, subject to board and regulatory approvals.

ACCSCIENT, LLC has acquired Vyom Group—comprising Vyom Labs, Cogniwize, and Omnepresent—to broaden its digital transformation capabilities and expand its global reach. ACCSCIENT is a partnership between FutureTech Holding Company and Alaris Equity Partners, and the transaction terms were not disclosed.

Ontario Teachers' Pension Plan Board (OTPPB) agreed to acquire a significant majority (controlling) stake in Sahyadri Hospitals Group from Everstone Group. Everstone, along with Sahyadri’s founders and management, will retain minority stakes following the transaction, which is expected to close in Q4 2022 subject to customary conditions.

Bain Capital agreed to acquire a 24.98% equity stake in IIFL Wealth Management Limited (IIFLWAM), an Indian wealth and asset management firm. The stake is being purchased from General Atlantic Singapore Fund Pte. Ltd. and FIH Mauritius Investments Ltd (a subsidiary of Fairfax India Holdings Corporation), subject to regulatory and customary approvals.

Kedaara announced plans to bring together its portfolio companies GAVS Technologies Limited and Great Software Laboratory Private Limited (GS Lab) to form a larger digital product engineering and AI-led digital transformation platform. Kedaara had acquired majority stakes in both businesses in the prior three months, and the integration is expected to be completed over the next few months subject to regulatory approvals.

NewRocket acquired Service Stack Technologies, an India-based ServiceNow Elite Partner, to expand its global footprint and delivery capabilities, particularly across Europe and Asia. Deal terms were not disclosed, and Service Stack will be unified under the NewRocket name. NewRocket is a portfolio company of private equity firm Gryphon Investors.

UNiDAYS, a global student affinity network and verification provider, acquired Mumbai-based Student Identify, India’s largest digital student verification platform. UNiDAYS will integrate Student Identify’s automated verification technology into its global verification solution to improve coverage and experience for students and brand partners in the Indian market.

Ness, a full-lifecycle digital services transformation company, announced it has acquired Niyuj, a software product engineering services provider focused on digital infrastructure management across networking, security, storage, and cloud solutions. The acquisition is intended to strengthen Ness’ product engineering capabilities and expand its domain expertise, particularly within its Technology and ISV vertical.

Exxelia completed a majority acquisition of Alcon Electronics on December 29, 2021. Alcon Electronics, headquartered in Nashik, India, designs and manufactures film and aluminum electrolytic capacitors for end markets including renewable energy, medical imaging, power generation, and railways. The deal expands Exxelia’s passive components portfolio and establishes a stronger footprint in India.

Everstone Capital has acquired a controlling (majority) stake in Calibre, a Mumbai-headquartered specialty ingredients manufacturer serving pharmaceutical, nutritional, and personal care end markets. The investment is intended to support Calibre’s transformation from a family-owned business into a global player, leveraging Everstone’s operational and strategic resources.

3i Infotech Limited entered into a definitive agreement to sell its Software Products business to funds advised by Apax Partners for total consideration of INR 10 billion. The business will be acquired via a newly formed entity, Azentio Software, which will be wholly owned by the Apax Funds, with closing expected in early 2021 subject to approvals.

TPG will invest ₹1,837.5 crore in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited, for a 0.41% fully diluted equity stake. The investment values Reliance Retail at a pre-money equity value of ₹4.285 lakh crore and is subject to regulatory and customary approvals.

TPG will invest ₹4,546.80 crore in Jio Platforms Limited for a 0.93% fully diluted equity stake, valuing the business at ₹4.91 lakh crore equity value (₹5.16 lakh crore enterprise value). Jio Platforms is a wholly owned subsidiary of Reliance Industries Limited, and the deal is part of Jio Platforms’ broader fundraise from global technology investors.

Adani Transmission Limited (ATL), Adani Electricity Mumbai Limited (AEML) and a subsidiary of Qatar Investment Authority (QIA) signed definitive agreements for QIA to acquire a 25.1% stake in AEML and to provide shareholder subordinated debt funding. QIA’s total investment in AEML is approximately INR 3,200 crore (about $450 million), subject to customary conditions and regulatory approvals.

Technology marketing company Salesify Inc., a part of Ziff Davis, acquired Pune-based Demand Shore (formerly QED Baton) for an undisclosed amount. The deal is intended to enhance lead-generation capabilities for clients and results in a combined workforce of about 1,200 employees.

iGATE Corporation announced that its subsidiaries signed definitive agreements to acquire a majority stake in Patni Computer Systems Ltd. in a transaction valued at approximately $1.22 billion, including a mandatory open offer to Patni’s public shareholders. iGATE will buy stakes from Patni’s founders and General Atlantic and then conduct an open offer to acquire additional shares, creating a scaled global IT services and BPO provider.