Top Indian conglomerate Adani Group and Piramal Healthcare are in the race to buy public sector pharmaceutical company, HLL Lifecare Limited (HLL). News18.com reported .
The country’s largest contract research firm, Akums Drugs and Pharmaceuticals, is also one of the companies that has shown interest in buying HLL. Let us tell you that apart from contraceptive brands and medicines, HLL is known for its famous condom brand Moods.
The Department of Investment and Public Asset Management (DIPAM) had on December 14 invited preliminary bids for the government’s 100% stake sale in a central public sector enterprise (CPSE).
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DIPAM secretary Tuhin Kanta Pandey had tweeted on March 14, “Several Expressions of Interest have been received for privatization of HLL Lifecare Limited (HLL). Thereafter the transaction has moved to the next phase.” “
A government official with knowledge of the matter told News18.com, “Around seven companies have submitted expressions of interest. These are all very well-known and competitive companies.”
Sources said “Top names include Adani Group, Piramal Healthcare, Akms India. The other three companies in the race are from South India. These companies have submitted their expressions of interest with PricewaterhouseCoopers (PwC).
PwC has been appointed as Transaction Advisor by the Central Government to advise and manage HLL’s strategic disinvestment.
News18.com had approached Adani Group, Piramal Group and Akums India for official confirmation on their participation in the acquisition of HLL.
Piramal Group and Akums India did not respond to mails and messages till the time of publication of this news. Adani Group spokesperson said, “The company has a business growth strategy. For this we keep evaluating various viable options. However, the company does not comment on the speculations going on in the market.
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Notably, Piramal Healthcare is a seller of popular pharmaceutical brands like iPill. Akms India has a significant presence in the pharmaceutical market in India. At the same time, the joining of Adani Group in the race to buy HLL is indicating its foray into the healthcare industry. Recently, Tata Group has also entered this segment by buying online pharmacy chain, 1MG.
HLL was incorporated on 1 March 1966 as Hindustan Latex Limited under the Union Ministry of Health and Family Welfare. After this its name was changed to HLL Lifecare Limited in 2009.
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