New Delhi : Healthcare major Reckitt Benckiser Group plc (RB) and Actis, a leading private equity investor, announced on Monday that RB has agreed to acquire Paras Pharmaceuticals Limited, a leading Indian FMCG personal care company, for approximately INR 32.6 billion (Indian Rupees) (approximately GBP 460 million).
The emerging markets private equity investor Actis will sell its 63% holding in Paras to RB. Sequoia Capital and the remaining shareholders, including Paras founder Girish Patel and his family, will also sell their shares to RB.
Paras (FY10 net sales of INR 4,014 million and EBITDA for the same year of INR 1,083 million) is the home to many of India?s flagship over-the-counter brands, including Moov pain relief ointment, Krack heel care lotion, and D?Cold cold remedy.
Bart Becht, CEO of RB, said: ?The acquisition of Paras is another step forward in RB?s growth strategy in consumer health care. It creates a material health care business in India, one of the most promising health care markets in the world with the addition of number of strong and leading brands.?
The acquisition of Paras by RB will bring a strong portfolio of long-standing and respected Indian health-care brands into the existing RB family, which includes Dettol, Disprin, Clearasil, Veet and Durex.