Companies & Sectors
Fosun buys majority stake in Gland Pharma for USD 1.4 billion
Chinese drug giant Shanghai Fosun Pharmaceutical Group Co. Ltd. has bought 86 per cent stake in Gland Pharma for about $1.4 billion.
 
This is billed as India's largest inbound acquisition in 2016.
 
Hong Kong-listed Fosun is controlled by billionaire Guo Guangchang while Hyderabad-based Gland Pharma is backed by global private equity firm KKR & Co.
 
While Fosun bought 86 per cent stake, the rest will remain with the promoter's family, sources in Gland Pharma said.
 
The deal is likely to be announced officially in a day or two.
 
Established in 1978, Gland Pharma has seven factories in Hyderabad and Visakhapatnam, manufacturing a variety of injectables and high quality APIs (active pharmaceutical ingredients).
 
It sells generic injectables, primarily in the US and Europe.
 
Gland had sales of around Rs 1,300 crore last fiscal, with 30 per cent Compound Annual Growth Rate (CAGR).
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Waterlogging in Gurgaon hits Dehi-Jaipur route
Hundreds of commuters on the Delhi-Jaipur route remained stuck on National Highway 8 after heavy rain left the Hero Honda Chowk here inundated, officials said on Friday.
 
As NH 8 remained cut off, traffic moving towards Rajasthan and Maharashtra was stuck on the city roads and state highways throughout Thursday night.
 
Around 1 a.m. on Friday, the water level started rising. The scared and stranded people pulled down a part of the divider on Delhi-Gurgaon expressway to escape.
 
It would take few more hours to restore the traffic, officials said. 
 
People demanded action against officials responsible for the situation.
 
The traffic situation in the city is expected to remain critical on Friday.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Banking operations nation-wide hit by strike
Banking operations across the country were hit on Friday as around 10 lakh employees of private and nationalised banks struck work for a day to protest against central government's policies for the sector.
 
"The strike has evoked a good response nationwide as around ten lakh have participated in it. Most of the nationalised banks are closed," C.H. Venkatachalam, General Secretary of the All India Bank Employees Association (AIBEA), told IANS in Chennai.
 
Echoing this, K. Phamaraiselvan, General Secretary of Andhra Bank Employees Union (Tamil Nadu unit) said: "The banking operations have been paralysed nationwide."
 
Earlier this month, major bank unions deferred a two-day strike call for July 12 and 13 following a restraint order by the Delhi High Court.
 
The unions in the banking sector had given the strike call protesting against the merger of the five associate banks of the State Bank of India (SBI) with the parent and the privatisation of IDBI Bank.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)