Torrent has acquired JB Chemicals & Pharma, purchasing a 46.4% stake from PE firm KKR and offering to buy an additional 28.8% from other stakeholders
Valued at INR256.9bn ($3bn), the deal represents the largest acquisition in 2025 for Indian pharma firms and the second largest ever by a domestic pharma company
It improves the combined entity’s ranking to no.4 by prescriptions, gives Torrent an entry in the CDMO segment and expands its international presence as well as its portfolio in nephrology and ophthalmology
The deal will be earnings per share (EPS)-accretive for Torrent only from FY28. Meanwhile, analysts have expressed some concern over debt that the acquirer will have to incur, thus increasing interest cost and impacting EPS in the interim

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