Advent acquires over 50% stake in Suven Pharma, to make offer for remaining 26% stake

In terms of the Board of Directors, along with Vaidheesh and Raju, Pankaj Patwari, Managing Director at Advent, will also join the team, Advent International said in a statement filed on BSE by Suven Pharma.

Suven will also have three independent directors — K.G Ananthakrishnan, Ex-MD MSD India and Ex-Director General of OPPI, and Chairman of PNB; Matangi Gowrishankar, Ex-BP Global Head of Capability Development, and Ex-Director of Human resources, Castrol India, Strategic Advisor and Certified coach; Vinod Rao, former head of investor relations at Diageo and ex-CFO PepsiCo Asia Pacific.

In mid-September, India had approved a foreign investment of up to Rs 9,589 crore in Suven Pharmaceuticals by Cyprus-based Berhyanda Ltd.

The approval was for acquisition of up to 76.1 percent shares of Suven Pharmaceuticals by Berhyanda by way of transfer of shares from existing promoter shareholders and public shareholders through mandatory open offer, an official release said after the meeting of Cabinet Committee on Economic Affairs. The aggregate foreign investment may increase to up to 90.1 per cent in Suven, the release said.