Ahmedabad-based firm to fund deal through equal amount of equity and debt.
Nirma has roped in BCG and KPMG to advise it on the fundraising options for the acquisition. The company had earlier informed banks that it would raise Rs 5,000 crore to Rs 7,000 crore in the current financial year for the acquisition. Bankers said the company will rely on its funds and future GLS dividend to repay its debt for acquisition.
Ahmedabad-based Nirma group and leading private equity firms have joined the race to acquire BSE-listed Glenmark Life Sciences. The acquisition by chemicals-to-cement major Nirma, if successful, would be a major boost for the health-care segment of the group, on the lines of its successful entry into the cement sector following its purchase of Lafarge India's assets for about Rs 9,400 crore in July 2016. It later followed up by buying Emami cement assets for Rs 5,500 crore in February 2020.
Nirma's tryst with the pharmaceutical space started in 2006 when it acquired the ailing Core Healthcare in a deal reported to be worth Rs 300 crore. The Ahmedabad-based manufacturer of intravenous fluids was subsequently renamed Nirlife. Pharma industry insiders say Nirma, which broke open the detergent market in the 1990s with low prices and massive advertising, tried an encore of the low-price strategy in pharma, but with mixed results.
Submits revised proposal to CCI as Birla Corp deal fails
The proposals, approved by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board, also included the offer from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd, according to the finance ministry. The Lafarge's proposal was cleared as per the order of Bombay high court, a finance ministry statement said.
Nirma has jumped into the ongoing cricket spectacle - IPL - as the principal sponsor for the Virat Kohli-led Royal Challengers Bangalore to raise awareness and recognition for the cement brands it acquired after its purchase of the erstwhile Lafarge India's assets in 2016
Cement major Lafarge India Private Limited has launched 'Project Employability', a programme designed to train rural unemployed youth and make them self reliant.
The Essar Oil, Rosneft deal also helped Arpwood Capital, boutique investment bank, co-founded by Rajeev Gupta and Raj Kataria, to grab the second spot in the mergers and acquisitions league table.
We asked you Dear Readers for your memories, photographs and videos of your meeting with M S Dhoni.
This was mostly driven by Qatar Foundation Endowment's $1.26 billion investment in Bharti Airtel.
Like their international peers, Indian CEOs too have a significant portion of their incomes coming from stock options and performance-linked bonuses
Cross previous high of $72 billion in 2007 as Indian promoters overcome the selling taboo. Abhineet Kumar reports from Mumbai.
Top 100 billionaires see their wealth rise 10%; top 20 account for half of total wealth of top 100.
'Today, according to the law, you can't even claim legal expenses when fighting a case as a non-executive director unless you are acquitted. Given how high legal expenses are, that alone is enough to scare anyone away.'
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Birla Corporation has grown from a Rs 1,763-crore company to Rs 3,200 crore; profitability, however, has suffered due to the slowdown.
Now with 13-14 million-tonne capacity, Nirma will emerge as a serious player in India's cement landscape.
Many see Nirma's Lafarge deal as some kind of second coming for the Patels.
Turns down firm's plea for stay on CCI order; final order pending
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