KKR & Co. is exploring options including selling its controlling stake in India’s JB Chemicals & Pharmaceuticals Ltd. amid interest from potential buyers, according to people familiar with the matter.
The US private equity firm is looking to hire financial advisers to help evaluate a sale of its 53.8% stake in the Mumbai-based company, the people said, asking not to be identified as the matter is private. Other buyout firms and industry players have shown preliminary interest in buying KKR’s stake, the people said.
Shares of the company, which is known as JB Pharma, have climbed 68% in the past 12 months, valuing the firm at just over $3 billion.
Considerations are at an early stage and no final decisions have been made, the people said, adding that KKR could choose not to pursue a deal.
A representative for KKR declined to comment, while JB Pharma didn’t immediately respond to a request for comment.
KKR bought a controlling stake in JB Pharma in 2020 from the founding Mody family, along with making an open offer for an additional 26% stake.
Established in 1976, JB Pharma produces a range of pharmaceuticals in areas such as gastroenterology, hypertension, dermatology and diabetes, according to its website. It exports its tablets, capsules, creams and other formulations to more than 40 countries, including the US.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
AAP protest today: Delhi traffic police issues traffic advisory, security at BJP headquarters beefed up
May 19, 2024 11:26 AM
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM