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Business EYE JANUARY 08, 2021 | The Indian Eye 29

BUSINESS BRIEFS

Reliance capital’s Biocon Biologics gets Rs 555

debt swells to Rs crore capital injection from aDQ

20,380 crore

bu Dhabi-based ADQ will globe,” she said in a statement on
invest Rs 555 crore for 1.8 Thursday.
nil Ambani-led Reliance Capital has said its to- Aper cent minority stake in Christiane Hamacher, CEO and
tal outstanding debt rose to nearly Rs 20,380 Biocon Biologics, valuing it at a post Managing Director of Biocon Bio-
Acrore by end-December 2020. In September money valuation of 4.17 billion dol- logics, said the ADQ equity funding
last year, it had reported a total debt of Rs 19,806 lars (about Rs 30,482 crore). Post the in Biocon Biologics endorses the
crore. Now, the principal amount due to HDFC Ltd completion of transaction, Biocon value of company’s business model
is Rs 523.98 crore and to Axis Bank Rs 100.63 crore, Ltd will hold 89.89 per cent stake and strengthens its resolve to be the
Reliance Capital said in regulatory filings at stock ex- in Biocon Biologics on a fully dilut- global leader in biologics, delivering
changes. ed basis. “This investment is an en- affordable access to innovative and
“The total amount of outstanding borrowings from dorsement of the value that Biocon inclusive healthcare solutions, trans-
banks and financial institutions works out to Rs 700.76 Biologics business has built as a ful- forming patients’ lives.
crore, including accrued interest up to December 31,” ly integrated pure-play biosimilars Mohamed Hassan Alsuwaidi,
it said. “Total financial indebtedness of the listed entity, company and will enable us to ex- Chief Executive Officer of ADQ,
including short-term and long-term debt and accrued pand our capabilities further,” said said: “Our long-term ambition for
interest, was Rs 20,379.71 crore at the end of Decem- Kiran Mazumdar-Shaw, Executive ADQ’s healthcare and pharma port-
ber 2020.” The company said delay in debt servicing is Chairperson of Biocon. folio is to create a provision-centred,
due to prohibition to dispose off, alienate, encumber “We welcome ADQ as our in- digitally enhanced ecosystem that is
either directly or indirectly or otherwise part with the vestment partner as we pursue our anchored in world-class clinical ex-
possession of any assets by the Delhi High Court, the shared goal of expanding access to cellence, effective population health
Debts Recovery Tribunal in Mumbai and the Bombay high-quality, affordable biophar- management and resilient supply
High Court. maceuticals to patients across the chain infrastructure.”

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