Glenmark Pharmaceuticals on Thursday said it will sell a 75 per cent stake in its subsidiary Glenmark Life Sciences to Nirma Ltd for Rs 5,651.5 crore.
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.
Nirma Ltd, facing opposition from local farmers for its upcoming cement plant in Mahuva taluka of Bhanvanagar, has proposed before the Gujarat High Court that it was ready to release 46 hectares of land to reach an amicable solution to the ongoing conflict.
The farmers opposing cement plant of Nirma Limited in Mahuva taluka of Bhavnagar on Thursday rejected the company's offer to release 46 hectares of land in order to reach an amicable solution to the ongoing conflict.
The Gujarat government has given its green signal to Nirma Ltd's controversial cement plant in Mahuva.
Nirma Ltd has posted a net profit of Rs 643.10 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 531.70 million in the quarter ended December 31,2001.
Nirma Ltd informed the Bombay Stock Exchange that it would purchase Searles Valley Minerals Operations and Searles Valley Minerals Inc (collectively known as SVM) from US-based private investment firm Sun Capital Partners Inc and other minority shareholders. HSBC Securities and Capital Markets (India) Pvt Ltd advised Nirma on the acquisition of the natural soda ash manufacturer, while J P Morgan Securities Inc was advisor to SVM.
The National Pharmaceutical Pricing Authority has revised prices of 440 medicines. Around 300 medicines have seen price cuts, while the others have seen a hike, sources said. The extent of the revisions is not known as yet.
Now with 13-14 million-tonne capacity, Nirma will emerge as a serious player in India's cement landscape.
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