India Resurgence Fund, backed by Piramal Enterprises and Bain Capital invested INR9.9bn ($144m) for a 10.4% in New Delhi based Panacea Biotec, pharmaceutical and biotechnology company with established research, manufacturing and marketing capabilities. The investment proceeds will be used for a one-time settlement with existing lenders, general working capital and growth requirements of the Company. Commenting on the investment, Shantanu Nalavadi, Managing Director, IndiaRF said, “We are pleased to partner with Panacea Biotec, as it embarks on an exciting journey to enhance its market position as a strong, research-focused pharmaceutical and biotechnology company. The purpose of this investment is to not only restructure the Company’s balance sheet, but more importantly, work closely with the promoters and management team, to drive rapid revenue growth and sustainable profitability improvement. IndiaRF continues to remain focused on providing long term strategic solutions that enable an effective turnaround for high quality companies that have the potential for accelerated growth and profitability.”