Citi Venture buys 27 pc in Unimark Remedies for Rs 113 cr

MUMBAI: US private equity fund, Citi Venture Capital, on Wednesday said it has picked up a 27-per cent stake in pharma firm Unimark Remedies for Rs 113 crore.

"We are investing Rs 113 crore for a 27-per cent stake in Unimark Remedies," Citi Venture Capital India's Managing Director Ajay Relan told media.

Unimark Remedies has been valued at Rs 380 crore. This is the fourth pharma company that Citi Venture Capital India has invested in. It had earlier invested in Jubilant Organosys (6 per cent stake), Lupin (12.5 per cent) and Elder Pharma (10 per cent).

From this year onwards, Citi Venture Capital Fund would invest $800 million every year across sectors, Relan said.

For the financial year 2006-07, Unimark reported a sales revenue stood of $90 million.

Unimark Remedies is into the business of active pharmaceutical ingredients, speciality intermediates and formulations. The formulations business of Unimark is focused on oncology formulations and critical care products.