In May 2019, the National Company Law Tribunal (NCLT) Mumbai ordered the commencement of liquidation proceedings for Sterling Biotech Limited, the parent company of Sterling Gelatin. Despite the liquidation process, efforts were made to maintain operations and preserve the company's value. In April 2022, Perfect Day, Inc., a U.S.-based food technology company specializing in precision fermentation, emerged as the successful bidder to acquire Sterling Biotech Limited as a going concern. This acquisition was completed in November 2022, with Perfect Day aiming to leverage Sterling's manufacturing capabilities to expand its production of animal-free dairy proteins and explore new ingredient opportunities.
As of August 2024, Zydus Lifesciences acquired a 50% stake in Sterling Biotech from Perfect Day, forming a joint venture to establish a state-of-the-art manufacturing facility focused on producing fermentation-based, animal-free proteins for global markets.
