InvAscent picks minority stake for Rs 120 crore

Life Sciences and healthcare focused private equity firm InvAscent has picked up a minority stake in Sunways India by investing Rs 120 crore ($15 million) from its India Life Sciences Fund III (ILSF III).

Sunways specialises in manufacturing and marketing of ophthalmology formulations.

Sunways will use the capital for capacity addition, international expansion and acquisitions.

Founded in 1951 by Kantilal Shroff, the Mumbai-headquartered Sunways is a leading domestic manufacturer and marketer of ophthalmic formulations. The company also exports to over 10 countries.

“Having a strong foundation built over 70 years and three generations, Sunways is well established to progress into the next phase of growth sprint domestically and in the international markets. This growth would be supported by organic and inorganic expansion,” said Bhadresh Shroff, chairman of Sunw ..

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