Private equity (PE) firm Everstone Capital is in talks with Mumbai-based OmniActive Health Technologies, a supplier of ingredients to healthcare and food industries, to invest up to Rs300 crore in the firm, two people with knowledge of the development said.
“It is essentially a play on the nutraceuticals space. The PE firm is in advanced stages of discussion to invest up to Rs300 crore in the company,” said one of the people cited above said, requesting anonymity as he is not authorized to speak to the media.
The size of the stake Everstone is looking to buy could not be ascertained immediately. Both Everstone and OmniActive Health declined to comment.
“Much of the capital will be used for acquisition,” added the second person cited above. This person, too, declined to be identified.
In September, Mint reported that OmniActive Health Technologies is in talks to buy a significant stake in Bengaluru-based fragrance and speciality chemicals maker Indfrag Ltd and is reaching out to private equity firms and structured financing agencies for acquisition financing.
Everstone Capital, co-founded by Sameer Sain and Atul Kapur, former Goldman Sachs executives, has been an active PE investor in India. With assets under management of $3.3 billion, Everstone has around 200 people working across five offices, including in Mumbai, Delhi, Bengaluru and Mauritius.
Last month, Everstone acquired a 70% equity stake in Mumbai-based drug delivery technology firm Rubicon Research Pvt. Ltd for Rs220 crore (about $33 million).