MUMBAI (Reuters) – Private equity firms Carlyle Group and 3i (III.L) are among those holding preliminary discussions to take a minority stake in India’s Strides Arcolab’s (STAR.BO) injectables business, the Economic Times reported on Wednesday, citing banking sources.
The Indian drug maker has hired investment bank Lazard (LAZ.N) and expects to raise between $170 million to $200 million, the newspaper said.
A company official was unwilling to offer any comment on the development, it said.
Officials at Carlyle, 3i and Strides could not be immediately reached by Reuters. (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)