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Centrum Broking Report
PI Industries Ltd. announced multiple acquisitions to foray into pharma space. The company had raised Rs 20 billion in July 2020 to foray into pharma space through inorganic route.
Later in July 2021, PI Industries entered into SPA to acquire Ind-Swift Laboratories' active pharma ingredient business on a slump sale basis.
However, by November 2021, the deal was called off by Ind-Swift Laboratories. Since then, PI Industries has been scouting for pharma assets.
Yesterday's announcement puts PI Industries' long impending pharma foray initiative to rest.
We believe this is a landmark development for PI and shall continue to benefit custom synthesis manufacturing growth over the next foreseeable future.
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