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ICICI venture firm acquires Alved Pharma

ICICI venture firm acquires Alved Pharma
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First Published: Fri, Jan 04 2008. 05 24 PM IST
Updated: Fri, Jan 04 2008. 05 24 PM IST
PTI
New Delhi: ICICI venture firm, RFCL Ltd, today said it will acquire Chennai-based veterinary healthcare firm Alved Pharma and Foods Pvt Ltd for an undisclosed amount.
RFCL has signed a definitive share purchase agreement to acquire Alved Pharma, which would see transfer all key people, assets, all contracts including exports and the brand name, the ICICI Venture firm said in a statement.
“Alved is a market leader in South India with significant export business to Middle East and Africa and is expecting to close FY08 with Rs18 crore sales revenue,” RFCL said.
The company said that this acquisition complements the animal healthcare business of Vetnex, the veterinary wing of RFCL, in terms of product profile and distribution network.
“We see significant upsides arising out of the synergies between Vetnex and Alved, which will augment the projected growth at a CAGR of 20% plus for the next 4-5 years for a consolidated animal healthcare business,” RFCL Ltd managing director Sushil Mehta said.
RFCL expects the animal healthcare business of Vetnex to close at Rs90 crore for FY08, with a growth of 22% over FY07. “Combined with sales revenue of Alved, RFCL’s veterinary product portfolio will be in excess of R 105 crore and would be a clear ‘No 3´ in the animal health industry,” it said.
Last year, RFCL had acquired Wipro Biomed and Godrej Medical Diagnostics. “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,” ICICI venture director (Investments) and RFCL chairman Aluri Srinivasa Rao said.
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First Published: Fri, Jan 04 2008. 05 24 PM IST
More Topics: ICICI | RFCL | pharma | Alved Pharma | Corporate News |