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U.S. private equity firms TA Associates and KKR & Co Inc had also submitted offers for the 20% stake.
Global private equity major The Carlyle Group will acquire a 20% stake in Ajay Piramal-owned Piramal Group’s pharmaceutical business for ₹3,700 crore.
Cyril Amarchand Mangaldas acted for its long standing client Piramal Group and the team was led by Managing Partner Cyril Shroff along with Partners Radhika Gaggar and Ruetveij Pandya.
Covington & Burling LLP too acted for Carlyle Group.
AZB & Partners acted for Carlyle Group and the team was led by Partner Sayak Maity.
White & Case acted as international legal advisor to Carlyle.
This transaction is one of the largest private equity deals in the Indian pharmaceutical sector and is expected to close in 2020, subject to customary closing conditions and regulatory approvals, reported Businessline.