Three bidders – ChrysCapital, Nirma and Sekhmat Pharmaventures – have made offers to acquire Glenmark Life Sciences, a major player in the active pharmaceuticals ingredient (API) manufacturer in the country.
The acquisition is expected to cost around Rs 6,500-7,000 crore for the successful bidder, banking sources said. The bidding is for the 82.5 per cent stake from Glenmark Pharmaceuticals, controlled by the Saldanha family. While sources said Nirma – promoted by Gujarat-based Karsanbhai Patel as a one-man operation in 1969 — is almost the frontrunner for the stake, the final chapter on the stake sale is not yet written.
This story is subscriber only!
Now subscribe at a special Republic Day offer of Rs 75/month.
Subscribe Now
Already a subscriber? Sign in