Piramal Enterprises to acquire Ash Stevens Inc for Rs 350 cr
The Dollar Business Bureau Piramal Enterprises Ltd, a flagship firm of Piramal Group, announced on Tuesday that it is set to acquire 100 percent stake in Ash Stevens Inc, based in the US, in a cash deal for up to $52.95 million (around Rs.350 crore). The firm's "wholly-owned US subsidiary has entered into an agreement to acquire 100 percent stake in Ash Stevens Inc in all cash deal for a total consideration of $42.95 million plus an earn-out consideration capped at $10 million, subject to achievement of certain EBITDA targets, payable over next six months," the company said in a release. This potential deal is likely to be finished by end of this month, it added. “The Ash Stevens’ acquisition fits ...
India over-dependent on China for APIs import: NSA
The Dollar Business Bureau India’s growing imports of Active Pharmaceutical Ingredients (APIs) from its neighbour China has become a cause of concern, which even prompted the National Security Advisor (NSA) to warn the government for majorly depending on China for sourcing APIs and essential drugs, the Parliament was informed on Friday. In 2015-16, India’s imports of APIs from China amounting to Rs.13,853.20 crore, or 65.29 percent of the overall imports of API of Rs.21,216.91 crore, said Mansukh L Mandaviya, Minister of State for Chemicals and Fertilisers, in response to a question in Rajya Sabha. India’s imports from its neighbouring country stood at Rs.12,757.96 crore in the fiscal of 2014-15 and Rs.12,061.53 crore in the year earlier, he added. “Economic considerations are the primary reasons for imports,” the minister said. On the question, ...
Centre examines overpricing and non-availability of drugs
The Dollar Business Bureau The Union Ministry of Chemicals and Fertilizers, on Tuesday, informed that the Special Committee recommendations are being examined for formulating a ‘Policy for Promotion of Manufacturing of Bulk Drugs’. The Union Minister Ananth Kumar informed Lok Sabha that a special Committee, under the chairmanship of Secretary, Department of Health Research, has been constituted to check the issues pertaining to the Active Pharmaceutical Ingredients (API). The Committee will check the whole issues of APIs by identifying the APIs of critical importance and will then work out on a package of interventions and procedures to build domestic production capabilities and further examine the cost implications, the Minister added. The recommendations made by the Committee include the ...
