A cross-border takeover thriller that not only saw corporate action but also diplomatic dealings and slugfests among bankers.
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.
Fortis is reportedly close to acquiring 10 hospitals of healthcare major Wockhardt for up to Rs 1,200 crore (Rs 12 billion) and an announcement could be made anytime now.
"Our intention has always been to provide value-for-money services," Shivinder Mohan Singh, MD, Fortis Healthcare.
One reform that Malvinder couldn't do was that of the company's board of directors. For long, doctors and scientists have been inadequately represented on the Ranbaxy board. The new owner will have to address this problem.
Hospital chain Fortis Healthcare's Rs 1,000 crore (Rs 10 billion) rights issue is likely to hit the market by October, with the firm taking fresh steps to realise the plan.
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.
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.
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.
Pennsylvania-based Customers will buy shares worth $22 million from the founders.
From promoters losing their firms to consumers realising there are no free lunches, 2019 was a year of getting real,says Shailesh Dobhal.
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.
Following hectic negotiations, Fortis Healthcare managing director Shivinder Singh and Naresh Trehan have finally smoked the peace pipe
Ranbaxy Group company Fortis Healthcare is targeting a pan-India presence with plans to set up 40 super-speciality hospitals by 2010.
DLF has entered into an agreement for floating a joint venture with Ranbaxy group company Fortis Healthcare to set up hospitals across the country with about Rs 6,200 crore (Rs 62 billion) of investments.
Manipur Governor Shivinder Singh Sidhu administered the oath of office and secrecy to Ibobi Singh.
Ranbaxy chief Malvinder Singh and Max Healthcare chairman Analjit Singh on Monday said they have reached a settlement on the will of Ranbaxy founder Bhai Mohan Singh and decided to withdraw all cases against each other.
This was apparently done to avert any decision by the Manipur assembly on the controversial Armed Special Powers Act.
Fortis Healthcare Limited, part of Ranbaxy Group, has announced plans to increase the number of its hospitals from 10 to 25 in the next 3 to 4 years, with a vision to set up a world class super speciality network.
Ranbaxy Group company Fortis Healthcare Ltd on Monday said it plans to have 25 hospitals across the country in the next three years and is looking into the possibility of tapping the capital markets for expansion.
'... And I don't think it really is that despite a lot going wrong.' 'Naiveté or stupidity or trusting the wrong person, the outcome is the same, which is that the group has gone to trash.' 'I'm not OK with people saying I had a role to play in crooking the system, which is not what I did.'
In 2013, Daiichi had launched the arbitration proceedings in Singapore.
Facing arbitration claims by Daiichi Sankyo, Ranbaxy's former Indian promoters - Malvinder Mohan Singh, his brother Shivinder Mohan Singh and family - are counting on certain clauses in the share purchase agreement (SPA) signed with the Japanese company on June 11, 2008, to claim immunity from damages.
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
Top 100 billionaires see their wealth rise 10%; top 20 account for half of total wealth of top 100.
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.
As per a white paper, 'Aarogya Bharat 2025', India Healthcare Roadmap for next 10 years launched at NATHEALTH event on Tuesday said the country is healthier now than ever before, but its 'continued economic progress is threatened by the country's under-served and under-consumed healthcare system'.
Godhwani's exit comes at a time when the company's fund raising plans and proposed related party transactions are under scrutiny, says N Sundaresha Subramanian.
In a surprise announcement in April, Sun and Ranbaxy -- at that time owned by Japan's Daiichi -- declared an all-stock deal to create India's largest and world's fifth-largest drugmaker in an over $4 billion deal.
With the July 1 deadline to apply for bank licence fast approaching, aspirants are scrambling to meet the Reserve Bank of India's (RBI) eligibility criteria to apply.
Singh brothers might be stopped by 'fit & proper' hurdle due to US drug norm violations; firm says confident of qualifying.
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