Home/ Companies / News/  Nirma vies for Maneesh Pharma stake

MUMBAI : Nirma Ltd is among suitors for Maneesh Pharmaceuticals, two people aware of the matter said, as the maker of detergents and cement moves to bolster its healthcare business.

Ahmedabad-based Nirma may submit a bid through its healthcare subsidiary Aculife Healthcare Pvt. Ltd, the people cited above said on the condition of anonymity.

Aculife sells medical devices and critical care medicines under its Nirlife and Oneuse brands.

Owners of Mumbai-based Maneesh Pharmaceuticals have hired an investment banker to sell the entire business and are seeking about 3,000 crore, the people cited above said. Mint could not identify the other bidders.

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Rare Equity, one of the private investment vehicles of Rakesh Jhunjhunwala’s Rare Enterprises, owns a minority stake in Maneesh Pharmaceuticals, filings with the ministry of corporate affairs show.

Queries emailed to representatives for Maneesh Pharmaceuticals, Rare Equity, and Nirma Group remained unanswered.

In FY21, Aculife reported net sales of 467.9 crore and a profit of 79.4 crore, while Nirma reported consolidated sales of 7,432.2 crore and a profit of 490.8 crore, according to VCCEdge.

In 2016, Nirma acquired the India cement business of Lafarge for 9,000 crore, and renamed it Nuvoco Vistas. In 2020, it acquired Emami Ltd’s cement business for 5,500 crore. The group listed Nuvoco Vistas in 2021.

Maneesh Pharmaceuticals sells tuberculosis medicines and hormone products, besides dermatological ointments and creams, according to its website.

Founded in 1975, the Vinay Sapte-led company made over 10 acquisitions between 2006 and 2008, according to an Economic Times report.

It acquired a 51% stake in US-based Synovics in 2008. Its other acquisitions include Sigma Labs and Hyderabad-based Pharmasia, and Smyle.

Sapte, the son of a Mumbai civic official and an electrical engineer by training, began selling sarees before starting a business to sell animal glands to pharma firms, according to an Economic Times article in 2008.

Maneesh Pharmaceuticals reported consolidated net sales of 427 crore and a profit of over 60 crore in FY20, according to MCA filings. It has not yet filed FY21 and FY22 financial statements.

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Ranjani Raghavan
Ranjani Raghavan writes about the Indian investment ecosystem with a focus on venture capital, private equity and startups. Outside of work, she enjoys sketching and birding. You can find her @ranjanir_
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Updated: 09 Sep 2022, 12:44 PM IST
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