TPG Growth, the growth capital investment arm of US-based private equity giant TPG, has said it will invest $30 million in Solara Active Pharma, a manufacturer of active pharmaceutical ingredients (API).

Solara has a network of customers including several top global generic companies in the US and Europe, and a robust selection of products, TPG said in a statement.

The investment from TPG will help support Solara’s growth initiatives as it expands capacity in regulated markets, according to the statement. The transaction is expected to close in early 2019, subject to shareholder and regulatory approvals.

“Solara is at the leading edge of a growing life sciences market here in India, and we want to be a part of the exciting pathway of growth that lies ahead for the business. This investment will serve as a cornerstone of our growing efforts to invest in Indian lifesciences," said Shailesh Rao, head of India for TPG Growth.

Solara has operations and distribution in more than 40 countries. Its manufacturing is spread across five globally-compliant facilities in India. Additionally, the company runs two research and development centres in India, staffed by nearly 150 scientists.

“We are excited about partnering with Arun Kumar and the Solara management team to build the company as a leading global API business and expand on our global healthcare efforts," said Matthew Hobart, senior partner and head of healthcare investing at TPG Growth.

“This is a unique opportunity, and Solara is poised for success given its regulated market capability, strong customer base and leadership in key molecules," he added.

TPG’s investments in healthcare companies in India include Healthium MedTech, Asiri Hospitals, Manipal Hospitals, CTSI, and Rhea Healthcare.

In addition, the private equity firm has an extensive record of investing in healthcare globally, and particularly in life sciences and pharmaceutical development— including in companies such as Allogene, Viewpoint Therapeutics, Viacyte, Matrix Pharma, Shangpharma, Wil Research, Precision Medicine Group, and IQVIA, the statement said.

TPG has been one of the most active private equity investors in India in the last 12 months.

In July, TPG Capital acquired a significant minority stake in Sai Life Sciences, a drug discovery, development and manufacturing services provider. It acquired the stake from Tata Capital. TPG Growth led a $42 million investment in commercial vehicle financier Ess Kay Fincorp Ltd in November. Last year, TPG Growth also led a $100 million funding round in Bigtree Entertainment Pvt. Ltd, which owns and operates online entertainment ticketing platform BookMyShow.