PAG is a private asset manager for institutional investors. We do not provide investment advice or services for individual retail investors. We do not solicit or contact individual investors via chat, text or social messaging applications.
12 October 2020

PAG-led consortium to acquire API maker Anjan


PAG, a leading Asia-focused private equity firm, announced today that along with consortium partners CX Partners and Samara Capital, it had reached an agreement to acquire a controlling stake in Anjan Drug Pvt. Ltd., a Chennai-based manufacturer of active pharmaceutical ingredients (API).

Founded by Mr. C. Kalaichelvan in 1990, Anjan is a leading supplier of active drug ingredients in the central nervous system therapy segment to some of the world’s largest pharmaceutical companies, in markets including the U.S., Canada, Brazil and Europe.

The acquisition is part of the PAG-led consortium’s strategy to create a best-in-class platform for the development and production of bulk drug ingredients. Terms of the deal were not disclosed.

Said Nikhil Srivastava, Managing Director and head of India private equity at PAG: “Partnering with Mr. Kalaichelvan and Anjan is a key first step in our plan to create the preeminent platform for Indian API. The company has a strong customer base in some of the world’s largest and best-regulated pharmaceuticals markets and maintains the highest quality manufacturing standards. On behalf of the consortium, we look forward to working with Mr. Kalaichelvan and the company’s management to help them continue on their path to growth.”

With the Anjan deal, the PAG-led consortium is moving towards the creation of a platform to tap into the consolidation opportunities in India’s high-growth API manufacturing industry.

Continued Mr. Srivastava: “We see the Indian API market as a very attractive opportunity and well positioned for the future. Globally, this sector is currently growing at an estimated eight percent a year, with India, one of the three largest API producers in the world, growing even faster than that. By building a platform incorporating exceptional API producers like Anjan, we plan to develop a high quality, diversified portfolio of products with a solid client base and a broad range of technical expertise.”

Said C. Kalaichelvan, “We’re very pleased to be partnering with PAG and the rest of the consortium and look forward to benefiting from the scale and resources their platform can offer, not to mention access to PAG’s world-class expertise in operations, management and capital markets.”
PAG is currently investing out of its US$6 billion PAG Asia III buyout fund and has declared plans to invest up to US$1 billion in India over the next few years.

About PAG
PAG is one of the world’s largest Asia-focused private investment firms, with a network of 200 seasoned investment professionals in nine key offices in Asia and around the world. With experience across industries and market cycles, PAG delivers value to investors by seeking out leading companies and investing to help them reach their full potential. The firm invests globally with a primary focus on the Asia-Pacific region. PAG currently manages US$40 billion in capital on behalf of more than 150 leading institutional investors from Europe, North America, Asia and the Middle East. For more information, visit

About CX Partners
CX Partners is a leading Indian homegrown private equity fund, with its core strategy to acquire controlling or significant minority stakes in mid-sized companies, with market leading positions. The current portfolio of CX investment are in sectors including IT, Pharma, Financial Services, and consumer focused segments. The leadership team is amongst the most experienced in India, which has 60+ years of combined PE investing heritage. It has over the years a reputation of picking winners and being first movers in identifying durable and actionable investment themes across economic cycles. For more information, visit

About Samara Capital
Samara Capital is one of India’s leading mid-market private equity firms with strong operating capabilities. Samara invests in Emerging Indian Companies (EICs), businesses that have the potential for rapid growth and transformation. Samara values the importance of building trust in all their business relationships with emphasis on medium to long term value creation, nimbleness, agility while running the businesses that they invest in. Key sectors of interest are consumer / retail; healthcare/pharma; financials & business services/technology. Further information is available at


PAG uses cookies to run our site and improve its usability.
By using our site you agree to our use of cookies as outlined in our privacy policy