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AIF Capital invests in Indian pharmaceutical company

The Hong Kong firm has backed Bangalore-based BioPlus Life Sciences with an investment of $31m from its third Asian fund.

AIF Capital, an Asia-focussed private equity firm, has invested $31 million (€20 million) in BioPlus Life Sciences, a manufacturer of healthcare supplements in India, for an undisclosed stake.

BioPlus’ primary businesses focus on the pharmaceutical, nutritional and cosmetics segments. It manufactures and supplies a wide array of healthcare supplement formulations and supplies them to pharmaceutical and retail companies in the European market. The company is looking to launch its own brand of healthcare supplements in markets such as Asia, Eastern Europe and the Middle East and is engaged in research and development of new products.

AIF Capital said that BioPlus is well-positioned to benefit from opportunities in this sector arising from the demographic changes that are occurring in the region.

Peter Amour, chief executive officer of AIF Capital, said in a statement “the investment reinforces our confidence in the growth prospects in the healthcare sector in Asia”.

The BioPlus investment was made out of AIF Capital Asia III, a $435 million fund that invests in expansion, buyout and special situation opportunities in China, India and Southeast Asia.

AIF Capital focuses on businesses that benefit from the expansion of the region’s middle class and a resulting boom in domestic consumption, and its portfolio includes companies in energy, telecom, supply chain management, transportation, manufacturing, selee and financial services.

Some of the firm’s deals in India include wireless telecom tower infrastructure provider Bharti Infratel, a subsidiary of Bharti Airtel; Catholic Syrian Bank; GPT Steel Industries, a tin plate and rolled steel manufacturer; GVKPIL, an infrastructure company; and Mumbai-based Yes Bank.

AIF Capital could not immediately be reached for comment.