GE Capital, the financial services division of US-listed industrial conglomerate General Electric, has agreed to pay R125 crore ($23m) for a 7.69% stake in Syngene International, a research subsidiary of India-based biotechnology company Biocon.

Biocon had been preparing to float Syngene, which has annual sales of R400 crore last year, but will make an initial public offering (IPO) after GE’s investment.

Kiran Mazumdar-Shaw, chairwoman of Biocon, said the deal gave Syngene a $300m valuation and added: “GE Capital’s investment in…