PNB has rich experience in the integration of commercial banks.
The US arm of Ranbaxy pleaded guilty to seven felonies relating to the manufacture and distribution of certain adulterated drugs
'Change was very much needed for the Congress to win the 2022 assembly elections.'
To pick up 65% in Hoan My Medical Corporation; deal to be completed in 45 days.
'Sidhu's suggestions regarding formation of the new government were completely ignored, so he stepped down.' 'Channi's government is walking on the same path as Amarinder Singh's.'
Both Fortis and Religare are controlled by billionaire brothers Malvinder Singh and Shivinder Singh, but are different companies in the healthcare business.
The push for FDI in retail by foreign interests smacks of the East India Company syndrome and Indians have the right to protest any attempt by a class of corporate cronies to rule India by proxy, says A Faizur Rahman.
Malvinder Mohan Singh and Shivinder Mohan Singh, the promoters of Fortis Healthcare, will acquire key subsidiaries of Hong Kong-listed Quality Healthcare Asia (QHA) for HK$1,541 million (approximately Rs 882 crore). QHA is the largest private integrated healthcare service platform in Hong Kong.
Fortis International has made seven acquisitions in 10 markets.
Religare, promoted by billionaire brothers Malvinder and Shivinder Mohan Singh, was in talks with Piramal for six to eight months to buy nearly 80 per cent in Indiareit for around Rs 300 crore (Rs 3 billion).
Fortis Global Healthcare Holdings on Wednesday said it will acquire 30 per cent stake in Australia's Dental Corporation for about AUD 100 millions (about Rs 450 crore).
Fortis Healthcare said its offer to acquire the shares of Parkway Holdings, the Singapore-based company that runs Asia's largest hospital network, will close on August 12.
Piramal Healthcare and SRL have entered into an agreement for SRL to acquire Piramal Diagnostics Services Ltd, Piramal said in a filing to the Bombay Stock Exchange.
Religare Enterprises, the financial services group promoted by Malvinder Singh and Shivinder Singh, was in advance talks with the Ajay Piramal group to buy a 60 per cent stake in the latter's private equity and fund management venture, Indiareit Fund Advisors, for Rs 175 crore, said an executive close to the development.
Move comes within months of acquiring Wockhardt hospitals. Fortis Healthcare, a hospital chain promoted by former Ranbaxy owners Malvinder Mohan Singh and Shivinder Mohan Singh, is close to a major acquisition overseas
Fortis Healthcare Chairman Malvinder Mohan Singh on Wednesday said it planned to launch an IPO for its diagnostics business unit, Super Religare Laboratories (SRL), in 2011. SRL had acquired the diagnostics business of Piramal Healthcare for Rs 600 crore in the first quarter of this financial year.
Malvinder Mohan Singh and Shivinder Mohan Singh, the promoters of financial services firm Religare Enterprises, will spend Rs 857 crore to acquire another 8 per cent in the company through a preferential allotment of shares and purchases from the open market.
Made possible through calculated decision on an unforeseen development.
The battle for control of Parkway Holdings, Asia's largest hospital chain, is set to be fought in Singapore. Khazanah, the Malaysian government-owned investment fund, which is the second largest shareholder in Parkway through Integrated Healthcare Holdings, has fired the first salvo by offering S$1.18 billion (US $710 million or over Rs 3,900 crore) for a majority stake in the company that is currently controlled by the Singh-family promoted Fortis Healthcare.
Religare has engaged McKinsey to help it build an emerging market investment bank.
Headhunters said the demand for foreigner CEOs is coming from companies that have developed a global footprint and sectors which do not have enough talent in the country -- hospitality, insurance, retail and power, for instance. They are meant to fill a need gap and are not just trophies on display.
Religare Enterprises founders Malvinder Singh and Shivinder Singh on Wednesday made an open offer to the company shareholders at Rs 457 a share, which will increase their stake further by 20 per cent.
Malvinder steps down as CMD four years ahead of schedule.
The court also restrained RHC Holdings from operating its bank accounts except for payment of salaries and statutory dues till March 23, the next date of hearing.
These include former drugs controller M Venkateshwarlu, Ranbaxy CMD Malvinder Mohan Singh, Ranjit Shahani, India chief of Swiss pharma major Novartis AG, Ramaprasad Reddy, chairman Aurobindo Pharma and Rajesh Jain, joint managing director, Panacea Biotec.
It is of course a coincidence, but the pace of corporate news in India is accelerating while the new government, whose election last week sparked a surge of corporate optimism and a stock market boom, dithers over which ministers to appoint to which jobs.
Pharmaceuticals major Ranbaxy Laboratories plans to leverage the cost advantage of Chinese raw materials by making China its major active pharmaceutical ingredient sourcing hub.
Singh brothers might be stopped by 'fit & proper' hurdle due to US drug norm violations; firm says confident of qualifying.
Fortis Healthcare, promoted by former Ranbaxy owners Malvinder Singh and Shivinder Singh, will raise Rs 1,000 crore (Rs 10 billion) through a rights issue by the first week of August, to fund its expansion plan.
From promoters losing their firms to consumers realising there are no free lunches, 2019 was a year of getting real,says Shailesh Dobhal.
Insurance companies, which are major shareholders in the country's biggest drug maker Ranbaxy Laboratories, said they will sell part of their stake in the company to the highest bidder.
Commenting on the closure of the deal, Ranbaxy CEO Malvinder Mohan Singh said, "The deal has been closed successfully. This puts us well on the path to creating a hybrid business model that will unlock the strengths of both companies to bring unprecedented value to all stakeholders." In June, Japanese firm Daiichi Sankyo had entered into an agreement to buy out the promoters' stake of 34.8 per cent and subsequently made open offer for a 20 per cent stake at Rs 737 per share.
The Daiichi Sankyo-Ranbaxy deal is facing a new hurdle, following an objection from the stock exchanges over completing the stake sale transaction through the block deal window, forcing the Ranbaxy promoter Malvinder Singh and his family to pay about Rs 1,000 crore from the sale as tax to complete the transaction.
In yet another major Indian takeover, Religare, a financial services company owned by prominent businessmen Malvinder and Shivinder Singh bought London's oldest stockbroker, Hichens, Harrison & Co on Friday. The deal is seen as another example of India's growing economic clout overseas. Two weeks ago, Tata Motors bought the prestigious Jaguar and Land rover models from Ford.
Pennsylvania-based Customers will buy shares worth $22 million from the founders.
"It will be the team I choose to have with the approval of the board. It is really our call on how to run the business. Certainly, the growth will be higher and so will be the size and scale of the investments. You will see a lot more aggression in terms of leveraging opportunities for the next few years," says Ranbaxy CEO Malvinder Mohan Singh.
Last week, after months of scrutiny, the Forward Markets Commission, the regulator for futures trading in commodities, approved a proposal from state-owned MMTC Ltd and finance-to-real estate group Indiabulls to set up a national multi-commodity exchange.
India's leading drug maker Ranbaxy Laboratories is likely to announce a drug discovery research tie-up with US drug manufacturer Merck soon. Ranbaxy's ongoing research collaboration with GSK also relates to the pre-clinical trial phase of the new drug, with significant milestone payment and post-commercialisation royalty possibilities. Ranbaxy's decision to de-merge its research operations was intended at having more collaborative research programmes involving foreign firms.
"We are responding to all queries from US FDA and will emerge as a stronger player in the world's biggest pharmaceutical market," Ranbaxy Chairman and Managing Director Malvinder Singh said. The US, which accounts for 20 per cent of Ranbaxy's $1.5-billion annual turnover, has an import restriction on 30 of its medicines by the US Food and Drugs Authority.
Since Malvinder Mohan Singh announced last week that he would sell leading Indian generic drug maker Ranbaxy to Daiichi Sankyo of Japan, incredulous friends have deluged him with messages.
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