Published On:December 14 2013
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Torrent acquires Elder unit for Rs. 2,000 crore.
Ahmedabad-based Torrent is set to acquire Mumbai-based Elder Pharma's entire domestic formulations business in India and Nepal for Rs. 2,004 crore, making it the first major India consolidation story in the pharma sector, where an Indian company is buying a domestic business to grow its share in the home market. Significantly, the acquisition is the largest domestic pharma deal this year confirming the return of confidence in a sector which has been plagued by policy flip flops.
The deal is significant as it has the potential to set the precedent of an India to India consolidation, helped by a possible tempering in valuations, experts say.
Times Of India