The Piramal Group arm finances Biodeal Pharma with Rs 110 crore.
According to a statement from the Piramal Group, Biodeal is one of India's top producers of nasal sprays, serving well-known national and international pharmaceutical businesses.
Mumbai: The Piramal Group revealed on Monday that it would invest Rs 110 crore in Biodeal Pharmaceuticals.
According to an official release, the contract development and manufacturing firm plans to use the money provided by Piramal Alternatives for the purpose of upgrading its technology, expanding its infrastructure, and building a nutraceuticals production facility.
According to the statement, the infusion is made possible by convertible securities from the Performing Credit Fund of Piramal Alternatives.
According to a statement from the Piramal Group, Biodeal is one of India's top producers of nasal sprays, serving well-known national and international pharmaceutical businesses.
The nasal sprays market has a lot of promise, according to Kalpesh Kikani, chief executive of Piramal Alternatives. He cited Biodeal's leadership in contract manufacturing and compliance with international regulations as two factors that make this a great prospect.
Anurag Kumar, managing director of Biodeal, stated that the fund-raising will enable the company to triple its manufacturing capacity, prepare a new facility that will comply with USFDA accreditations in the upcoming 12 to 15 months, and broaden its market reach.
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