The Hindu Business Line : Temasek picks stake in Medreich

A release issued by the pharma company did not mention any amount. Sources said FIPB had earlier cleared the Singapore company's proposal to invest $25 million or around Rs 109 crore to take 25 per cent stake in the group.

The transaction, completed on October 14, would help the group to expand its manufacturing facilities in the country and reach new markets in France, Spain, China, Latin America, East Asia and Africa, the release said.

YES Bank was Medreich's exclusive financial adviser in the deal.

The Medreich group's Indian entity, the Bangalore-based Medreich Sterilab Ltd, is a contract manufacturer for global pharma companies.

The promoters - Mr Rajeev Mehta, Mr Keith de Souza and Mr C.P.Bothra - said this was a significant milestone that would establish Medreich as a large manufacturing and marketing based pharma company.

"Temasek's investment has come at an opportune time in the growth cycle of the Group and will enable the Group to further strengthen its fast growing branded generic business in Europe, Far East Asia and Africa," they said in a joint statement.

Temasek would open up opportunities in South East Asian and North Asian regions.

Medreich's products include cephalosporin, anti-diabetic and cardiovascular products, anti-histamines and analgesics.

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