For the survey, as many as 79 per cent respondents reported a higher production level in Q2 FY24 compared to the year-ago period.
Singapore-headquartered private equity major Everstone Capital on Tuesday announced acquisition of a controlling stake in Calibre Chemicals, which is a specialty ingredients player focused on the pharmaceutical, nutritional and personal care segments, for a reported $100 million (around Rs 730 crore).
The city-based, privately-held Calibre was established in 1984 and manufactures a range of specialty chemicals falling into two product lines–mineral derivatives (iodine, selenium, cobalt) and peroxygens (persulphates, perchlorates).
Though Everstone did not disclose deal value, sources told PTI it is around USD 100 million.
Calibre also offers various packaging solutions including paper cartons, HDPE drums, LDPE bags, steel drums and fibre drums apart from manufacturing various custom chemicals at its Sarigam plant in Gujarat.
It caters to several growing end-industries like pharma, nutrition, and personal care and has customers in over 75 countries spanning the Americas, Europe, Africa, and Asia and nets two-thirds of its revenue from exports. It also has a wholly-owned subsidiary in Belgium.
Sameer Sain, co-founder and chief executive of Everstone Group, said Calibre has a whole suite of specialty ingredient products with strong growth potential catering to both domestic and global markets. We believe our operational expertise and experience will help Calibre realize its global goals.
Ranjit Bhavnani, founder-chairman and managing director of Calibre, said, the investment from Everstone endorses the growth trajectory that Calibre is on, and we aim to push the envelope with this investment.
Everstone’s pharma portfolio companies include complex generic and specialty pharma products manufacturer Slayback Pharma, domestic pharma distribution platform, API Holdings, amongst others. In 2019, it had successfully exited from Rubicon Research.
The Everstone Group has assets in excess of $6 billion across private equity, real estate, credit, infrastructure, and venture capital and offices in India, New York, Singapore, London, Mauritius, and the UAE.