Earlier in July 2021, Ind-Swift Laboratories had agreed to sell its API business to PI Industries on a slump sale basis, for ₹1,530 crore. However, the deal had been terminated by PI Industries in November 2021. Incorporated in 1995, IISL is engaged in the manufacturing of APIs, advanced intermediates and providing Contract Research and Manufacturing Services (CRAMS). The company has three manufacturing facilities- two in Dera Bassi (including research facility), Punjab and one in Samba, Jammu & Kashmir.