Our Bureau

New Delhi, Jan. 4 ICICI venture firm, RFCL Ltd, on Friday said it is set to acquire Chennai-based veterinary healthcare company Alved Pharma and Foods Pvt Ltd for an undisclosed amount.

RFCL has signed a definitive share purchase agreement to acquire Alved Pharma, the firm said in a statement. Alved is a market leader in South India with “significant” export business to West Asia and Africa and this acquisition complements the animal healthcare business of Vetnex, the veterinary wing of RFCL, in terms of product profile and distribution network, it said.

“We see significant upsides arising out of the synergies between Vetnex and Alved, which will augment the projected growth at a CAGR (compounded annual growth rate) of 20 per cent plus for the next 4-5 years for a consolidated Animal Healthcare Business,” the RFCL Ltd Managing Director, Mr Sushil Mehta, said.

“RFCL will keep pursuing this strategy of strong inorganic and organic growth initiatives to keep increasing its base and geographical presence, across all its business domains in an attempt to build a reputed global life sciences and laboratory solutions company,” the ICICI Venture Director (Investments) and RFCL Chairman, Mr Aluri Srinivasa Rao, said in the statement.

(This article was published in the Business Line print edition dated January 5, 2008)
XThese are links to The Hindu Business Line suggested by Outbrain, which may or may not be relevant to the other content on this page. You can read Outbrain's privacy and cookie policy here.