Buttar sells stake in ClinTec in £8m deal to fund Indian expansion plans

Rabinder Buttar, the founder of Glasgow-based contract research firm ClinTec, yesterday became the latest Scots-based business leader to sell a big stake in her company.

A private equity firm bought a near-30 per cent share in her business for 8 million to fund its expansion in India. Buttar's personal holding was not disclosed. The only shareholder listed on official documents is ClinTec Luxembourg.

Aim-listed Elephant Capital, which specialises in investments related to India, bought the 28.6 per cent stake through its Tusk Investments Fund.

Gaurav Burman, managing partner of Elephant, also pumped-in 150,000 of his own money, with fellow director James Hauslein investing 200,000.

As part of the deal, Elephant has appointed three directors to Clintec, expanding the board to seven. Burman and Hauslein - a former chief executive and chairman of Sunglass Hut - will take seats on the board, along with Dr Anand Burman, chairman of giant Indian food and healthcare group Dabur.

Buttar founded ClinTec in 1997 and has grown the business using her own money.

The firm - which carries out clinical research work for pharmaceutical firms, biotechnology companies and medical device makers - opened an office in Bangalore in 2002.

ClinTec said the 8m investment would be used to expand its Indian operations and a move into the Asia-Pacific region.