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news.Reckitt Benckiser Group (RB) and Actis have said that RB has agreed to acquire Paras Pharmaceuticals Limited for approximately INR 32.6bn (approximately $726m).
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Actis will sell its 63% holding in Paras Pharma to RB.
Reportedly, Sequoia Capital and the remaining shareholders, including Paras founder Girish Patel and his family, will also sell their shares to RB.
Paras Pharma owns over-the-counter brands, including Moov pain relief ointment, Krack heel care lotion, and D’Cold cold remedy.
Following the acquisition these Indian health care brands will join the existing RB family, which includes Dettol, Disprin, Clearasil, Veet and Durex.
Actis Partner and South Asia head JM Trivedi said that Paras has been a great example of Actis’s ability to create value through a synergistic relationship between the entrepreneur-founder Girish Patel, a private equity investor, and a professional management team led by CEO S Raghunandan.
RB CEO Bart Becht said that the acquisition of Paras is another step forward in RB’s growth strategy in consumer health care and it creates a material health care business in India.