Creador sells Corona Remedies stake to ChrysCapital

MUMBAI: Kuala Lumpur based PE fund Creador, has sold its minority stake in Ahmedabad based Corona Remedies to homegrown PE fund ChrysCapital.

This full exit in Corona Remedies represents a 4x return and an IRR of 35 per cent in INR terms (or 3.7x and an IRR of 32 per cent in USD terms), said a company statement.

ChrysCap has signed a deal with Creador and the promoter to acquire the minority stake in Corona Remedies for Rs 670 crore, ET had reported on Monday. The deal values Corona Remedies at Rs 2300 crore.


Creador III acquired a minority stake in Corona Remedies in July 2016, for Rs 118 crore. With this exit, Creador III has realised 15 per cent of its committed funds.

Incorporated in 2004 by Dr. Kirtibhai Mehta and his two sons, Nirav and Ankur Mehta, Corona Remedies is a leading company in the domestic formulations sector in India.

Its product range includes formulations in therapeutic segments like gynecology, anti-infective, cardio diabetic, nutraceuticals, orthopedic and pediatrics. It has an experienced field force of 1,900 medical representatives.

"Creador is pleased to have played a vital role in supporting Corona Remedies during this exciting growth phase, including being an active investor and providing strategic advice to support its growth plans," said Brahmal Vasudevan, Founder and CEO of Creador.