| RFCL, a former Ranbaxy group-promoted specialty chemicals company which was acquired by ICICI Venture, has bought Chennai-based Alved Pharma & Foods, a three–decade-old manufacturer of animal health products. |
| Alved is a market leader in south India with institutional sales and exports to West Asia and African countries. |
| The company expects its sales revenues to touch Rs 18 crore in 2007-08. Sources said the transaction is valued at Rs 20-30 crore. |
| Vetnex, the veterinary business division of RFCL, is valued at Rs 90 crore. The combined entity will have a turnover of over Rs 105 crore to become one of the top three players in animal health business in India. |
| “We see significant upsides arising out of the synergies between Vetnex and Alved, which will augment the projected growth at a CAGR of 20 per cent for the next 4-5 years,” said Sushil Mehta, managing director, RFCL. |
| He said the strengths of Alved will be synergized with RFCL’s integrated R&D and its newly built manufacturing facility at Haridwar and the proposed manufacturing unit at Irunkattukottai, near Chennai. |
| The acquisition will also add another 60 professionals to Vetnex team. |
Source: Business Standard