Piramal-backed fund invests in Vardhman Chemtech

AHMEDABAD: Piramal Group backed – India Venture Trust has invested in Chandigarh based Vardhman Chemtech Ltd, a statement said on Wednesday.

Nishith Desai Associates, legal counsel to IndiaVenture Trust, said in a statement that India Venture Trust- Fund I, a scheme of India Venture Trust, has subscribed to compulsorily convertible preference share of Vardhman Chemtech Ltd for Rs 70 crore ($14 million).

The Chandigarh-based company is engaged in the business of manufacturing of bulk drugs, intermediates and fine chemicals in the isoxazoles segment of penicillion.

India Venture Trust Fund was established in 2008 by the Piramal Group with focus on investment in hospitals, speciality clinics, healthcare related business process outsourcing (BPO) units and medical equipment firms.