Bain, Carlyle in talks to buy majority stake in India’s Famy Care, say sources-Reuters

(Reuters) – U.S. private equity funds Bain Capital LLC and Carlyle Group LP are in separate talks to buy up to a 75 percent stake in India’s Famy Care Ltd for about $400-$450 million, two sources with direct knowledge of the matter told Reuters.

Another private equity fund, Warburg Pincus is also holding separate discussions to buy a controlling stake in the Mumbai-based drug maker of contraceptive pills for women, the sources said.

Hong Kong based AIF Capital will sell its 10-15 percent stake along with Famy promoters, said the sources, who declined to be named as the transaction is not yet public.

The sources did not specify which specific promoters were selling their stakes.

“An official auction process is on. Final bids are expected by month-end,” said one of the sources.

Bain, Carlyle and Warburg Pincus declined to comment, while Famy Care and AIF Capital did not respond to emails or calls seeking comment.
Unlisted Famy Care produces contraceptive pills, injectables and devices, according to its web site.