US- based Perfect Day emerges highest bidder for Sterling Biotech acquisition
- ByStartupStory | April 21, 2022
California-based , food-tech startup, Perfect Day Inc., has emerged the highest bidder at the auctioning of Gujarat-based Sterling Biotech.
The Perfect Day Inc. made the highest bid of INR 638 Cr. against the reserved price of INR 548.46 Cr. Sterling Biotech owes an enormous debt of INR 8100Cr. to its lenders. The group and its subsidiaries, Sterling SEZ and Sterling International, collectively owe Rs 15,000 crore to financial and operational creditors.
The e-auction was held on April 4 and a clutch of other companies were shortlisted for it, such as the Indian consortium of Shamrock Pharmachemi Pvt Ltd and India Gelatine & Chemicals Ltd, Belgian firm Tessenderlo Chemie International NV, ACG Associated Capsules, an integrated pharmaceutical manufacturing solutions company, and Progressive Star Finance Pvt Ltd.
Founded in 1985 by Nitin Sandesara, the Chetan and Nitin Sandesara- promoted company is a biotech company that provides active pharmaceutical ingredients.
It owns two manufacturing facilities in Gujarat and one in Tamil Nadu. Its consolidated revenue for FY20 and FY21 were Rs 345.69 crore and Rs 347.44 crore.
Followed by the plea filed by the state owned Andhra Bank (now Union Bank) in June, 2018, the Mumbai bench of the National Company Law Tribunal admitted Sterling Biotech under the corporate insolvency resolution process.
In May, 2019, the tribunal ordered the company’s liquidation, as the company failed to present any resolution plan.
Founded in 2014 by Ryan Pandya and Perumal Gandhi, Perfect Day Inc. is the manufacturer of animal-free dairy proteins and counts actor Leonardo DiCaprio as one of its advisors.
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