The promoters are planning to divest a substantial stake in favour of a strategic investor after hiving off the business into a separate company.
According to sources close to the development, four companies, including the Aditya Birla Group are in negotiations with the company.
"The Birla group has already completed its due diligence for acquiring the stake in Intas and the deal is likely to be announced in two months," the sources said.
Intas' divestment plan is aimed at funding its proposed global biopharmaceutical expansion. The divestment is expected to bring in fresh funds of Rs 100 to 150 crore as (Rs 1-1.5 billion) per the current valuation, sources said.
Sources said what may tilt the scale in Aditya Birla group's favour is Intas' plan for having a long-term partner with wider market network and global exposure.
The Aditya Birla group has been seriously considering a foray into biotechnology. Intas sources said "We have received four proposals, including a large corporate house in the country, for strategic investment in the newly formed biotechnology company - Intas Biopharmaceuticals, and the deal would be finalised soon."
According to Intas sources, the company is proposing a major expansion in the biotechnology sector in the domestic and international arena.
The company has proposed a Rs 200 crore (Rs 2 billion) expansion in the near future.
Aditya Birla group spokesperson said the group did not comment on market speculation. "It is known that the group intends to foray into the biotechnology business. However, no deal has been struck so far," she said.
Meanwhile, GVFL Ltd, India's pioneer venture capital firm, has made its first investment from its newly launched Biotech Fund in Celestial Biologicals Limited, another Intas group company engaged in plasma fractionation and marketing of plasma derived proteins. Celestial is a subsidiary of Intas Biophrmaceuticals.
Intas forayed into biotech in May 2000 with Indus Biotherapeutics, dedicated to research and development of recombinant therapeutic proteins.
The company has a vision to become a global player in the bio-generics market and a research based manufacturer of quality biopharmaceuticals. It had recently entered into an agreement with Bangalore-based biotechnology research company Avestha Gengraine Technologies to develop a bio-therapeutic oestoporosis drug.
