If the buzz is anything to go by, Intas Pharmaceuticals might acquire a new investor, one who rather holds quite a lot of power. The Abu Dhabi Investment Authority (ADIA) is a sovereign wealth fund owned by the Emirate of Abu Dhabi and is likely to grab at least 3% stake in the Indian drug manufacturer at an estimated price of nearly US $270 million.
Currently, the Chudgar family who are the founders of Intas own 84% share, while PE fund ChrysCapital holds 6%. The rest of the 10% is owned by investor Temasek Holdings. However, with ADIA coming in, Temasek will be left with just 7% stake.
This news is yet to be confirmed as none of the parties have made any comments or responded in anyway. This is actually not unusual of Intas as the Chudgar family has always kept a low-profile, working hard away from the spotlight and accomplishing their goals.
Ahmedabad-based Intas is one of the top ten pharma companies in India. The company boasted annual revenue of $1.8 billion in 2019. Nearly 70% of revenue came from international markets and the rest came from India. Established in 1977, today Intas has operations in 85 countries and has 16 manufacturing units around the world.
Meanwhile, ADIA has $800 billion worth of assets under management. It has investments in many Indian firms including Reliance Retail, Paytm, HDFC Capital, Flipkart and Nykaa.
