Indian CEO drops buyout plans for UK healthcare firm

Indian CEO drops buyout plans for UK healthcare firm
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First Published: Tue, Apr 10 2007. 07 28 PM IST
Updated: Tue, Apr 10 2007. 07 28 PM IST
PTI
New Delhi: An Indian origin CEO and co-founder of UK pharma and healthcare firm, Goldshield Group, which has recently expanded its operations to India, has dropped his management buyout plan for the company.
The UK listed firm said in a regulatory filing on 10 April that discussions for a possible management buyout, announced in November 2006, have ceased and the company was instead mulling over splitting the group into two separate firms.
According to the planned reorganisation, the pharma division would manage all of the acquired pharma products business, while the Wellbeing division would manage its existing direct-to-consumer businesses in Europe and the US, as well as the new Wellbeing business in India.
The pharma business would be led by Goldshield finance director Rakesh Patel, while Wellbeing would be headed by the group chairman, CEO and co-founder Ajit Patel.
The group was founded by Kenya-born Ajit Patel, together with his brother and the group’s chief operating officer Kirti Patel, and the company’s pharmaceutical products sales director Shane Gogerly.
The 84 million pound (Rs675 crore) firm sells its products across 60 countries. The group has a captive BPO unit in Mumbai to manage its global business and employs about 90% of its total headcount of about 900 people.
It is also setting up a Goldshield WellBeing village in Goa, which has been labelled as a first-of-its-kind retirement resort in the country conforming to global standards.
The project consists of about 120 residential units, with facilities like hospital, hotel, nursing home, restaurants, shops, along with sports and leisure amenities to meet the requirement of retired personnel from India and aboard.
However, there have been allegations Goldshield had obtained the necessary approvals for the project by unlawful practices, leading to oppositions from the locals.
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First Published: Tue, Apr 10 2007. 07 28 PM IST
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