Nicholas Piramal India Ltd and Healthline Pvt. Ltd (HLPL) have signed a definitive agreement for purchase of HLPL's Pharmaceuticals business by the company for a consideration of Rs 150 million.

HLPL has a modern injectables manufacturing unit at Bangalore for small and large volume injectable products. The current facility was commissioned in 2004 and has a capacity of 10 million vials per annum on a single shift basis. The company will invest additional resources at the facility to expand capacity and secure US FDA standards.

Commenting on the acquisition, Ajay Piramal, chairman, of the company said, "NPIL is committed to expand its Custom Manufacturing offering to global customers. HLPL is a good asset, which will expand our high-end manufacturing solutions from India".

Allegro Capital was HLPL's advisors on the transaction.