At the bank's current market price, the stake on offer is worth about Rs 5,700 crore
All of Ranbaxy's India-based factories are currently banned by the FDA from exporting medicines to the United States, the company's largest market, after the regulator's inspection found violation of its so-called good manufacturing practices.
India has asked bulk buyers to pay market rates for diesel since last January and has also been raising the price of subsidised diesel in small amounts every month in an effort to cut its ballooning fuel subsidies.
Its factory in Chikalthana in western India was last month hit by the British drug regulator's curb on imports from the plant over manufacturing deficiencies.
Iraq is willing to double the credit period on crude sales to 60 days if Indian refiners buy more in 2014, the head of refineries at Hindustan Petroleum said. Iran has also sweetened the deal to expand its dwindling market share by offering free shipment and a nominal discount to Indian refiners, sources said last week.
Oil accounts for about a third of India's total imports and higher dollar prices combined with a rupee near all-time lows have increased its cost.
Ranbaxy, which is 63.5 per cent-owned by Japan's Daiichi Sankyo Co and gets more than 40 per cent of its sales from the United States, did not immediately respond to a request on Wednesday for comment on the FDA observations.
And when an inspector asked about the contents of unlabelled vials in the laboratory glassware washing area, a plant worker dumped them down a sink and said the contents could not be determined, according to a July 18 letter from the US Food and Drug Administration to Wockhardt, which makes sterile injectable drugs and various forms of insulin.
The government is considering a 3-rupee to 5-rupee hike in the price of diesel, which accounts for more than 40 percent of fuel use, government officials said last week, as the country looks to cut import costs by nearly $20 billion to trim a record current account deficit.
In January, India allowed fuel retailers to raise the price of subsidised diesel every month and asked bulk buyers to pay market rates.
Media has raised the issues that new pricing to benefit Reliance Industries.
Both the countries have increased prices of gas recently.
Brent crude was trading at $105 a barrel on Friday while US oil was at $96.75.
Acquisition to boost its generics business in developed markets.
The deal underscores a growing trend of consolidation in Asia's wealth management industry.
Would-be investors such as KKR, the Blackstone Group and Macquarie Group are looking at buying into completed projects.
Parliamentary panel seeks changes in crude import norms.
Authorities claimed that a share sale by the company to its overseas parent in 2009 was undervalued by about Rs 15,200 crore.
The planned fund could help New Delhi raise between $1 billion and $2 billion.
The buyer received poor investor response to the pricing of the share sale.
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