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New Delhi, March 11 The Parikh family, founder and promoter of ZCL Chemicals Limited (ZCL), announced on Thursday that it has sold the entire stake in the company to Advent International, one of the largest private equity investors, for an equity value of Rs 2,000 crore.Pusuant to the signing of definitive agreements last month, the Parikh family sold its entire 80 per cent holding to completely exit ZCL. Of the above, 26 per cent will be transferred subject to the customary closing conditions and receipt of all applicable regulatory approvals.Morgan Stanley Private Equity Asia, that acquired 20 per cent stake in ZCL for Rs 150 crore in 2016, has also exited ZCL for Rs 390 crore.Formerly known as Zandu Chemicals Limited, ZCL has been one of the fastest-growing pharmaceutical companies in the active pharma ingredients (APIs) space in India. APIs are required for manufacturing drugs.In 2008, the Parikh family had acquired ZCL from Zandu Pharmaceuticals Limited at an equity valuation of Rs 12.5 crore, resulting in 160 times return in 12 years at the current valuations of Rs 2,000 crore."ZCL has emerged as India's fastest growing pharmaceutical company in the last 12 years. We are excited to achieve this strategic outcome for ZCL and its investors through this divestment. We are confident that Advent's resources will be a catalyst for ZCL's next stage of growth and innovation," said Nihar Parikh, Founder and Promoter of ZCL.ZCL, which is a debt-free company as on date with surplus cash reserves, has posted a CAGR of 52.64 pert cent in terms of its valuation for the last 12 years.( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :Parikh family sells ZCL Chemicals to Advent for Rs 2K cr

New Delhi, March 11 The Parikh family, founder and promoter of ZCL Chemicals Limited (ZCL), announced on Thursday ... ...