Carlyle Group will purchase a 20% stake in Indian billionaire Ajay Piramal’s pharmaceutical business, according to an exchange filing.
The private equity fund will pay $490 million for the holding, valuing the business at an enterprise value of $2.7 billion. In addition to helping expand capacity of the pharmaceutical operations, the Piramal group will use the money to repay some of parent Piramal Enterprises Ltd.’s debt, the filing said.
