INDIA BUSINESS WORLD - JANUARY 1^st - JANUARY 15^th - 2008

ICICI VENTURE TO ACQUIRE ALVED PHARMA & FOODS

PE major ICICI Venture is acquiring Chennai-based pharmaceutical and veterinary company Alved Pharma and Foods, reports Khomba Singh. RFCL, a wholly-owned veterinary, chemicals and medical diagnostic company of ICICI Ventures, is learnt to have signed a definitive agreement with Alved Pharma and Foods for a complete buyout. Alved Pharma and Foods is a market leader in southern India in the veterinary products segment with significant export to Middle East and African Markets. The company is expected to close this financial year with Rs 18 crore sales revenue. Although RFCL declined to comment on the deal, sources said the deal could be in the range of Rs 20-30 crore and an official announcement is expected next week. This would be RFCL's third acquisition in domestic healthcare segment.