The M&A sector in India is abuzz with activity. While drug firm Ipca Labs is acquiring Mumbai’s Ramdev Chemical to expand its operations, Indiabulls Real Estate is selling its London property to reduce its debt.
Drug firm Ipca Labs to buy Mumbai’s Ramdev Chemical
Mumbai-headquartered drug firm Ipca Laboratories has signed an agreement to buy Ramdev Chemical for as much as Rs 108.5 crore ($15.5 million), according to a regulatory filing.
The deal will help Ipca expand its active pharmaceutical ingredients (API) business. Currently, Ipca manufactures over 350 formulations and 80 APIs for various therapeutic segments and supplies to the global market. Over the last few years, it has got into a partnership in over 120 countries and in markets as diverse as Africa, Asia, Australia, Europe and the US.
Incorporated in 1999, Ramdev Chemical manufactures and markets advanced drug intermediates, fine chemicals, custom synthesis molecules and APIs. Exports form a major part of its business that caters to countries such as the US, UK, Japan, Germany and Canada.
Indiabulls Real Estate to sell London property
A day after Indiabulls promoters made headlines for reportedly looking to exit the real estate business, the news of Indiabulls Real Estate Ltd selling a London property to the group’s founder Sameer Gehlaut has surfaced.
The real estate arm of Indiabulls Real Estate Ltd (IBREL) will sell Century Ltd to its promoter in a deal amounting to £200 million ($259 million), per a stock exchange filing. Century Ltd houses Hanover Square Property in London.
The sale will help the company reduce its debt to about Rs 3,000 crore from Rs 4,590 crore at the end of March, a VC Circle report stated.