KKR to invest about $150 mln in India's Gland Pharma-sources

Reuters

By Indulal PM

MUMBAI, Oct 11 (Reuters) - Private equity firm KKR & Co LP will pay about $150 million for close to 30 percent ofIndia's Gland Pharma Ltd, two sources with direct knowledge ofthe matter said, in what would be the U.S buyout firm's eighthinvestment in Asia this year.

A deal is likely to be announced in the coming weeks, one ofthe sources told Reuters on Friday. KKR India Chief ExecutiveSanjay Nayar declined to comment, while Gland Pharma ViceChairman Ravi Penmetsa was not available for comment.

New York-based KKR has invested about $1 billion incompanies in Asia, including Vietnam, India, China and Japan,over the last four weeks.

In July, KKR raised a record $6 billion Asia fund, aimed atdeploying more capital in emerging markets where slowingeconomic growth has cut overall company valuations..

The deal would be KKR's second sizeable India investment insix months. In April, it bought a controlling stake in India'sAlliance Tire Group from Warburg Pincus LLC for whatsources said was about $500 million.

Established in 1978, unlisted Gland Pharma makes activepharmaceutical ingredients and injectable formulations forsegments including osteoarthritis, anti-coagulants, gynaecology,and ophthalmology, according to its website.

Private equity investments in India fell about 67 percent inthe September quarter from a year earlier, to about $1.3 billionin 75 deals, according to early data from Venture Intelligence.

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