As he uses the Ranbaxy money to expand his other businesses, in India and abroad, this young scion is clear about one thing -- he's not going to fight battles he can't win.
In August, the ED had raided the residential premises of former Ranbaxy CEO Malvinder Mohan Singh and his brother Shivinder Singh in connection with a money laundering case.
When you are the leader, you have to set the pace for the industry
Singh says Japanese pharma giant's allegations false.
Unperturbed by the concerns raised by the investment community, the Singh brothers, promoters of the Fortis hospital chain, recently completed the integration of their domestic and international health care businesses.
Gurgaon hospital to screen cinemas as non-commercial venture.
To pick up 65% in Hoan My Medical Corporation; deal to be completed in 45 days.
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 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).
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.
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 International has made seven acquisitions in 10 markets.
Financial services group Religare Enteprises Ltd on Tuesday announced a top level management rejig with promoters - incumbent Chairman Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh - stepping down as members of the board.
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.
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.
Pharmaceuticals major Ranbaxy Laboratories plans to leverage the cost advantage of Chinese raw materials by making China its major active pharmaceutical ingredient sourcing hub.
Malvinder steps down as CMD four years ahead of schedule.
Sources say the firm had to act to calm Japanese investors, restive at the flow of bad news.
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.
"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.
Singh said they will focus on Fortis Healthcare and Religare Financial Services after the acquisition.
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.
Continuing with its push in the US market, Ranbaxy Laboratories said on Monday it has acquired the marketing rights for 13 skincare products from Bristol-Myers Squibb Company for $26 million.
Ranbaxy, one of the first Indian companies to set up a venture in China in 1993, is bullish in its operations.
Ranbaxy has completed the second phase of the clinical trial of a revolutionary anti-malarial drug that could enable it to be the nation's first pharmaceutical company to launch a New Chemical Entity globally.
All medicines that have USFDA approvals continue to be produced in the Poanta Sahib facility. The USFDA has not given any approval for new drugs as they have some concerns. We are addressing them, Malvinder Singh said.
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.
Malvinder, who has made his family richer by Rs 10,000 crore (Rs 100 billion), was brought up in relative austerity. While his cousins zipped around the town in fancy cars, he would travel to college in Delhi Transport Corporation (DTC) buses.
US giant expected to bid for 65% non-promoter stake.
Ranbaxy earned $114 million from its US operations in 2006. It launched 10 new products during the year. The company said that the revenues from the sale of the newly acquired brands would be reflected from the next quarter.
Ranbaxy Laboratories, the country's biggest drugmaker, is all set to focus its energies in developing and marketing niche products where price erosion is minimal
He has already spearheaded eight significant acquisitions within and outside the country
Continuing its expansion in Europe, Ranbaxy Laboratories Ltd on Tuesday said it has entered into the Italian pharmaceutical market with the launch of a wholly owned subsidiary, Ranbaxy Italia SPA, in Milan.\n\n
Promoter of Ranbaxy Laboratories, Malvinder Mohan Singh, not only sold a strategic stake in his company to Japanese pharma major Daiichi Sankyoand, he even managed to get a good increment for himself. According to the company's extraordinary general meeting notice, Singh will now earn a salary and allowances of Rs 25 crore per annum as against Rs 19.58 crore earlier.
Bhai Mohan Singh came to Delhi from Rawalpindi after the partition, having made big money in road contracts in the northeast region during the Second World War. He was soon in business, lending money to companies based in Delhi. It would be difficult to tell if he would have shared the elation of his grandson, Malvinder Mohan Singh at the family's exit from the company today.
Malvinder Singh, President (Pharmaceuticals) and Executive Director, Ranbaxy, says the company aims to touch $5 billion in revenues by 2012, with growth coming from American and European markets.
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