New Delhi, May 6 -- US private equity firm TPG has entered into a binding agreement to acquire a 35% stake in the SCHOTT Poonawalla joint venture from Serum Institute of India (SII), the firms announced on Tuesday.

TPG Growth, TPG's middle market and growth equity platform, is funding the investment, along with Novo Holdings as a co-investor. Following the transaction, SII will retain a minority stake in SCHOTT Poonawalla.

The partnership with TPG will aid the joint venture to scale up, "equipping the company with additional resources and strategic insight to support its long-term global ambitions," the companies said in a statement, adding that the deal was likely to close in the first half of 2025.

Serum Institute of India had entere...