Ranbaxy exits Joint Venture with Nihon Pharmaceuticals

Submitted by Shiela Rao on Wed, 12/09/2009 - 19:32

ranbaxyLeading pharmaceutical company Ranbaxy Laboratories has announced to sell its 50 per cent stake in its Japanese joint venture with Nihon Pharmaceutical Industry (NPI) without divulging the financial details of the deal. However, media reports claim that the buyer Nippon Chemiphar, founded in 1950, would pay $18 million for the 50 per cent stake.

Confirming the deal, Ranbaxy informed, "Following this transaction, NPI will become a wholly owned subsidiary of Nippon Chemiphar." The Gurgaon-based Indian company further informed that both firms would work independently for further enhancing their generic business in the Japan, the world's second largest pharmaceutical market after US.

Ranbaxy was earlier an independent group in India in the pharmaceutical segment but it is now a part of Japanese company Daiichi Sankyo which owns 64 per cent in the firm. The partnership break-up was widely speculated in the pharmaceutical sector as the Japanese firm already owns controlling stake in the firm.

Japan has been working on methodologies for providing more convenient environment through relaxed regulations in a bid to promote country as a favorite low-cost generic drugs hub in the world besides reducing the healthcare costs.


Tagged with

Miscellaneous

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.

© Copyright 2010