The family-owned firm turned down the offer by a consortium of private equity firm TPG Capital, Abu Dhabi’s ADQ and Saudi Arabia’s Public Investment Fund ( PIF) following differences over valuation, few days ahead of the deadline sometime in October last year. “The Poonawalla family was seeking a valuation of $10 billion for a newly created subsidiary under which the commercial interests of all of SII’s upcoming vaccines, including the covid vaccines was to be housed. However, in April, Adar Poonawalla said SII needs ₹3,000 crore ($408 million) from the government to boost its “very stretched" production capacity. Requests for comment sent to Adar Poonawalla, TPG Capital and ADQ remained unanswered until press time on Tuesday. Poonawalla said authorities did not expect to confront a second wave in January when new coronavirus cases had declined.

Source: Mint May 04, 2021 18:22 UTC