U.S.-based Mylan Inc , Mukesh Ambani's Reliance Pharmaceuticals and Ranbaxy Laboratories may bid for Shasun Chemicals and Drugs Ltd's bulk drug business, a news paper report said on Thursday.
In the early rounds, both global and India-focussed private equity funds such as ChrysCapital have also shown interest in the bulk drugs business worth about 4 billion rupees, the Economic Times report said, citing unnamed sources.
“There is no truth in this,” Shasun's wholetime director Vimal Kumar said. A Ranbaxy spokesman declined to comment.
Chennai-based Shasun had also roped in a Mumbai-based investment banker and may be looking to sell the unit for about 160 rupees per share of the de-merged unit, the paper said.
Shasun's bulk drug business, which includes nizatidine, gabapentin, ranitidine and ibuprofen, accounted for almost half of the company's revenue last year, the paper said.
Source: Reuters