VCCircle

Citigroup Venture Capital International (CVCI) has picked up nearly 30 per cent stake in Mumbai-based bulk drug maker Unimark Remedies for Rs 113 crore ($28.75 million), reports The Economic Times. This is apparently CVC's first investment in the pharma sector in India. Unimark Remedies, which has plants in Vapi and Ahmedabad in Gujarat, plans to go in for an IPO soon. The company is focused on manufacturing speciality active pharmaceutical ingredient (API) in cephalosporins, ace inhibitors, anti bacterials, anti-inflammatory, narcotics, oncology products and controlled substances segments. The company also manufactures advanced speciality intermediates. It has a turnover of $90 million or around Rs 360 crore for the year ended 2006-07, the report adds.