PI Industries scraps Rs 15.3bn acquisition of lnd Swift’s API unit

PI Industries Ltd (PIIND), an Indian agri-sciences company, said that its previously announced INR 1,530 crores acquisition of the active pharmaceutical ingredient (API) business division of lnd Swift Laboratories Limited (ISLL) has been terminated.

The closing of the deal was subject to the meeting of pre-defined preceding conditions by 31 October 2021.

According to PI Industries, as lnd Swift Laboratories could not close several of the pre-agreed conditions precedents, the business transfer agreement stands canceled.

The agri-sciences company further said that due to the non-fulfillment and also disagreement on certain pre-agreed conditions, it has decided not to pursue the transaction any further.

The deal was announced in July 2021 which would have given PI Industries access to more than 20 products of the API business of lnd Swift Laboratories.

PI Industries stated: “PIs’ strategy to strengthen presence in custom synthesis exports through diversification into adjacencies including Pharma remains intact. The R&D establishment within PI remains attuned to developing and scaling multiple advanced technologies, processes, and platforms to execute its long-term strategy.”

The agro-chemicals company said that it will also continue to assess other merger and acquisition opportunities that are in line with its strategic direction with the plan to form a differentiated scale play in the pharma sector.