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[Funding News] Torrent Pharma to Raise $3 Bn Funding Round

By Team VS
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Torrent Pharmaceuticals Ltd. is thinking of collecting up to $3 billion from international banks in order to purchase a majority stake in JB Chemicals & Pharmaceuticals Ltd.

Torrent is evaluating both local and dollar bonds as a means of financing a possible acquisition of KKR & Co.'s 53.8% share in JB, according to persons who asked not to be named because the talks are confidential. According to the persons, Torrent is looking for funding from lenders like Barclays Plc, Deutsche Bank AG, and Standard Chartered Plc.

With a 20 percent gain in shares this year, JB, a Mumbai-based company, is now valued at around $3.6 billion.

There have been no decisions taken on the stake purchase yet; discussions are still underway. It's possible that other bidders will still be considering purchasing the stake.

Read also - Innoviti Raises $8.5 Mn Series E Funding Round was from Random Walk Solutions

KKR has been thinking about selling its majority ownership in JB, according to a February article from Bloomberg News. According to a Moneycontrol story from April, Torrent has been in talks to buy the US private equity firm's interest in the business.

India's economy continues to grow at one of the quickest rates in the world, which has led to an increase in dealmaking activity this year.

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