Malaysian private equity firm Creador Capital is close to investing Rs 118 crore for a minority stake in Ahmedabad-based drug maker Corona Remedies. Creador, which has already invested in about eight other companies in India, would be investing in Corona through a Mauritius subsidiary.
Creador confirmed the deal to ET but refused to disclose stake it is buying in the company. According to people close to the development, Creador will be picking up about 20% stake in Corona, valuing the company at around Rs 500 crore. Corona is one of the fastest growing companies in its category and has been growing at around 40% year-on-year, according to company executives. It is mainly into manufacturing anti-allergic and cardio-diabetes products, and operates across multiple therapeutic areas and dosage formats.