Mumbai-based ICICI Venture and other shareholders have sold their stakes in Ventex, an animal healthcare unit, to Pfizer Animal Health, an arm of Pfizer, for an undisclosed sum. According to Indian media reports though, the firm netted about from $75 million from the sale.
A source said that ICICI Venture had sold its “substantial majority stake” in the business. ICICI Venture confirmed the sale but declined to comment on the amount the company was sold for, or the return generated.
Ventex was formerly one of the three units of the allied business portfolio of Ranbaxy Laboratories, a pharmaceutical company. ICICI Venture acquired the portfolio of three units in December 2005 and renamed it RFCL. The buyout was reportedly worth about INR1.5 billion ($32 million; €23 million).
The investment in RFCL was made from the India Advantage Fund (Series I), which closed on $267 million in 2003.
RFCL’s other businesses include a fine chemicals unit and a diagnostics division, in both of which ICICI Venture continues to retain its majority stakes.
In April this year, Renuka Ramnath, the managing director and chief executive officer of ICICI Venture, resigned from the firm. She was replaced by Vishakha Mulye, formerly the executive director of ICICI Lombard General Insurance Company.