GE Capital Corp, the investment arm of General Electric Company, today agreed to invest Rs125 crore ($23 million) in Bangalore-based biotechnology company Biocon's subsidiary Syngene International Ltd.
Kiran Majumdar Shaw, CMD of Biocon said, ''This takes us closer to our commitment of taking Syngene through an IPO at the most opportune moment.''
GE Equity International, Mauritius, a subsidiary of GE Capital will invest Rs125 crore for a 7.69 per cent stake in Syngene, Biocon's research services subsidiary.
Founded in 1994, Syngene was India's first Contract Research Organisation, providing multi-disciplinary skills in chemistry, biology, process development and scale-up, formulation and analytical development and preclinical services.
Located in Bangalore, India, with a million sq ft of working space which includes 500,000 sq ft of chemistry & biology laboratories, cGMP kilo lab, bioprocess development and biomanufacturing facilities, Syngene has state-of-the-art animal facility and formulation development centre.
Biocon has been planning to list Syngene depending on market conditions in order to fund the company's capital expenditure requirements.
Syngene had posted revenue of Rs400 crore in its fiscal year 2012, and Rs250 crore in the first half of 2013 fiscal.