Piramal Alternatives, the fund management unit of Piramal Group, said Tuesday it has invested about Rs 160 crore ($18.8 million) in Chennai-based Saimirra Innopharm Pvt Ltd through its performing credit fund.
The investment, made from Piramal Alternatives’ India Credit Opportunities Fund II, will help the company’s brand acquisitions and expansion of its product portfolio across therapies and markets, according to a press statement.
Saimirra manufactures and supplies over 275 products across 70 countries under its international business. In India, its domestic formulations business operates under its arm Delvin Formulations, which has over 20 brands across multiple therapies.
“Saimirra’s diversified product profile, focus on R&D (research and development), and commitment to regulatory standards across domestic and ROW (rest of the world) markets present a compelling investment opportunity for us,” said Kalpesh Kikani, chief executive at Piramal Alternatives.
This is at least the second time that Saimirra is raising debt capital from an alternative investment firm. Previously, it secured a commitment of Rs 165 crore from BPEA Credit, which rebranded to Ascertis Credit in October 2024.
This is the third investment from the performing credit-focused alternative investment fund, which has a mandate to make sector-agnostic bets in mid-market companies over a three- to four-year horizon. Some of its earlier performing credit investments include 3Gen Consulting, Transaction Solutions International (India) Pvt Ltd, PMI Electro Solutions Pvt Ltd, and Biodeal Pharmaceuticals.
Piramal Alternatives manages over $1.5 billion in assets. It manages the India Resurgence Fund (IndiaRF), the Piramal Performing Credit Fund I and II, the Hybrid Growth Private Equity Fund and the India Access Fund.
IndiaRF is a distressed assets fund in partnership with Bain Capital while the performing credit funds are backed a capital commitment from Canadian pension fund CDPQ. The India Access Fund is a fund of funds that backs other private equity vehicles.
