India Digest: Cipla buys Mirren; CapitaLand drops out of deal; Bajaj Hindusthan update

Men walk past a sign at a construction site just off on Singapore's main shopping boulevard Orchard Road November 17, 2009. REUTERS/Rob Dawson

Cipla Ltd India subsidiary has acquired a 100 per cent stake in Mirren (Pty) Limited, a South African over-the-counter pharmaceutical manufacturer and distributor, while Bajaj Hindusthan Sugar looks to divest its entire 17.51 per cent stake in group firm Lalitpur Power Generation Company Ltd. Separately, Singapore’s CapitaLand has withdrawn from talks to buy infotech parks owned by Blackstone in Pune.

Cipla fully acquires pharma company Mirren

Cipla Medpro South Africa (Pty) Ltd, a wholly owned subsidiary of Cipla Ltd India, on Thursday announced that it has acquired a 100 per cent stake in Mirren (Pty) Limited, a South African over-the-counter (OTC) pharmaceutical manufacturer and distributor. The transaction is subject to the approval by the Competition Commission of South Africa. Paul Miller, CEO of Cipla South Africa, said that once approved, the transaction will enhance Cipla’s current OTC portfolio, by adding Mirren’s well-established brands such as Bronco! cough syrup, Coryx, Tensopyn, and Ultimag.

CapitaLand discontinues talks to buy Pune IT parks

Singapore-based real estate company CapitaLand has withdrawn from talks to buy infotech parks owned by global private equity giant Blackstone in Pune, said a Business Standard report citing sources. Blackstone has put its BlueRidge special economic zone (SEZ) and another IT SEZ in Hinjewadi area of Pune on sale. Earlier in March, Mint had reported that CapitaLand Ltd and global investment firm The Xander Group Inc. were the front runners to acquire Pune-based IT Parks. The deal at that time was pegged at around Rs 2,000 crore.

Bajaj Hindusthan to divest LPGCL stake

Bajaj Hindusthan Sugar looks to divest its entire 17.51 per cent stake in group firm Lalitpur Power Generation Company Ltd (LPGCL), for about Rs 1,100 crore. In an extraordinary general meeting on August 4, the company has sought shareholders’ approval for sale of its share in LPGCL to another group firm Bajaj Energy Ltd. The company has invested Rs 770 crore in LPGCL. The stake sale is part of the bigger plan to divest non-core assets as per the debt restructuring scheme approved by the lenders.