Corporate
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Venture Capital
Blackstone invests $50 m in Emcure
Our Bureau
Mumbai, July 10
Global private investment and advisory firm, The Blackstone Group, is set to invest $50 million in the Pune-based pharma company Emcure. No details were available.
The transaction represents Blackstone's first investment in India after the launch of its private equity business here last year and is expected to close by August 2006. In a statement received here on Monday, Mr Humayun Dhanrajgir, Emcure's Chairman said: "The board and management of Emcure were impressed with Blackstone's commitment to the pharmaceutical sector and their level of diligence in exploring an investment option in Emcure."
Mr Satish Mehta, Managing Director of the Company, added that Emcure had evaluated various capital raising alternatives before formalising the deal with Blackstone. "We look forward to their active participation in our Board and their help with strategic relationships and acquisitions given their expertise and network in the industry. Blackstone's investment is a strong demonstration of their confidence in our management, our strategy, and our future growth plan," he said.
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