Ranbaxy to acquire more despite change in ownership

Ranbaxy to acquire more despite change in ownership
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First Published: Sat, Jun 21 2008. 03 33 PM IST
Updated: Sat, Jun 21 2008. 03 33 PM IST
PTI
New Delhi: Pharmaceutical major Ranbaxy Laboratories Ltd, in which Japan’s Daiichi Sankyo will acquire the majority stake, has said it would continue to pursue acquisitions despite the change in ownership.
“We will continue to make acquisitions. As a company, we would continue to grow and I think we need to separate ownership and management. Management of the company will remain same,” Ranbaxy CEO and MD Malvinder Mohan Singh said in an interview to a news channel ‘Sahara Samaya Network’.
He was responding to an query whether the acquisition of the company by Japanese firm Daiichi Sankyo would affect the companies working in future.
Japan’s pharma major Daiichi Sankyo entered into an agreement with the Gurgaon-based firm for acquiring majority stake in it for around $4.6 billion.
Reacting to the charge that Indian sentiments has been hurt, Singh said,“ Ranbaxy is India’s first MNC and will remain Indian,” while adding, “Just because shareholding changes hands and goes into foreign hands, it doesn’t mean that the company is not Indian.”
When asked about why the promoters opted for the sale of stake instead of debt he said,“The objective of the deal was not to reduce debt, the objective is to transform the business landscape to create a new model, which will be far stronger globally.”
Answering the question about the money he will get, Singh said,“Whatever money we are going to get we would use it for our internal use.”
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First Published: Sat, Jun 21 2008. 03 33 PM IST