Country’s oldest pharma company Cipla is going to be sold, two Indian companies bid

Mumbai (EMS). The promoters of Cipla, which has earned great prestige in the country's pharmaceutical sector, have announced the sale of its stake. Two big pharma companies have also prepared to bid to buy Cipla.

Khwaja Abdul Hameed, who strongly believed in Gandhiji's ideals, laid the foundation of Cipla Company even before independence in 1935. After his death in 1972, Yusuf Hameed and his brother Mustafa Hameed took over his responsibility. Yusuf is currently the non-executive chairman of the $2.7 billion company Cipla. As on June 30, 2023, the total shareholding of the Hameed family, i.e. the promoters, in the Cipla company was 33.4 per cent, which is currently the highest in the company.

There are currently two pharmaceutical companies in the race to buy the Cipla company. One is Torrent Pharma of Ahmedabad, which was started by UN Mehta in the year 1959. The second is Dr. Reddy's of Hyderabad, which was established in the year 1984 by K. Anji Reddy. Both Indian companies are aware of the authenticity of Cipla and both know that a large section of consumers trust this company a lot. While private equity firm Bain Capital plans to buy Cipla in collaboration with Dr. Reddy's. At the same time, private equity firm Blackstone has already bid for Cipla in collaboration with Torrent. Now both companies along with their respective partners are preparing to buy the company. If Reddy's manages to buy this stake, it will leave behind many big companies not only in the country but in the world. Cipla is said to have brought many benefits to the Indian pharmaceutical market. This company kept the prices of its medicines stable and other companies were also forced not to increase their prices taking into account the competition.

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