The promoters of Mumbai-based JB Chemicals have put their business up for sale, mandating investment bank Avendus to look for a buyer for their 57% stake in the company, said four people with direct knowledge of the development.Started in 1976 as an API and formulations manufacturer, JB Chemicals is owned by JB Mody and family, and as on Monday, the market capitalisation of the company stood at Rs 3,013 crore. PE and pharma peers have been sounded out and a formal process is due to be launched, said sources. We have no comments to offer.”As per March 30, 2019, ratings released by Crisil, the group has a diversified revenue profile. In fiscal 2018, about 42% of the consolidated revenue was derived from India and the rest from international market. Gearing is estimated to remain negligible for fiscal 2019 and over the medium term.

Source: Economic Times May 28, 2019 01:07 UTC