Blackstone to invest $50 mln in Emcure Pharmaceuticals Ltd

New Delhi, July 10 (UNI) The New York-based Blackstone Group today announced that Emcure Pharmaceuticals Ltd will invest 50 million dollars in it, and the transaction is expected to close by August 2006.

This deal represents Blackstone's first investment in India, after the launch of its private equity business in the middle of 2005.

No further terms on the deal were disclosed.

''The combination of Blackstone's shareholding, with the entrepreneurial skills of Satish Mehta, Managing Director and major promoter of the Company, is a watershed in the development of the company into a leading pharmaceutical business,'' Emcure Board Chairman Humayun Dhanrajgir said.

Blackstone Advisors India Private Limited CMD Akhil Gupta stated, ''Our investment in Emcure reflects our strong interest in the Indian pharmaceutical industry which we believe is well positioned to show robust domestic growth as well as benefit from increased amount of outsourcing to India.

Emcure Pharmaceuticals Limited, headquartered in Pune, is a vertically integrated pharmaceutical company engaged in the Research&development; manufacturing of APIs, branded formulations and biotech products; and marketing of these products in India and the International markets.

The Blackstone Group, a global private investment and advisory firm, has raised a total of more then 62 billion dollars for alternative asset investing since its formation, of which around 30 billion dollars has been for private equity investing.

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