India’s leading companies, Adani Group and Piramal Healthcare, are in a race to buy public sector pharmaceutical company, HLL Lifecare limited (HLL), News18.com has learned.
The country’s largest contract research firm, Akums Drugs and Pharmaceuticals, is also one of the companies that has expressed interest in buying HLL – the company known for its popular brand of condoms, Moods, alongside other brands. contraceptives and drugs.
The Department of Investment and Public Assets Management (DIPAM) launched a preliminary tender on December 14 to sell the state’s 100% stake in the Central Public Sector Enterprises (CPSE).
“Several expressions of interest have been received for the privatization of HLL Lifecare Limited (HLL). The transaction is moving to the next stage,” DIPAM Secretary Tuhin Kanta Pandey tweeted on March 14.
“About seven companies have submitted expressions of interest and all of them are popular and competitive enough,” a government official with knowledge of the development told News18.com.
“Major names include Adani Group, Piramal Healthcare, Akums India, while the other three companies are based in South India. These companies have submitted their expressions of interest to PricewaterhouseCoopers (PwC),” the source said.
PwC is the transaction advisor appointed by the central government to advise and manage the strategic divestment of HLL.
News18.com has reached out to Adani Group, Piramal Group and Akums India for official confirmation of their participation in the purchase of HLL.
Piramal Group and Akums India did not respond to mail and messages till the time of publication of the report, while Adani Group spokesperson said: “As part of the business growth strategy of the company, we continue to evaluate various viable options. The company, however, does not comment on the speculations.”
While Piramal Healthcare – seller of popular drug brands such as iPill – and Akums India have a significant presence in the Indian pharmaceutical market, Adani Group’s participation in the acquisition of HLL may hint at the company’s plan to s to venture into the health sector. Recently, Tata Group also entered the segment through the acquisition of online pharmacy chain 1MG.
On March 1, 1966, HLL was incorporated as Hindustan Latex Limited under the Union Department of Health and Family Welfare. It was renamed HLL Lifecare Limited in 2009.
First post: STI