Piramal Healthcare is looking at sectors like OTC, patented drugs, contract research and research molecules for possible overseas acquisition, while the company is planning to raise Rs 1,000 crore within six-eight months.
?So far it is broad-based at the moment. It could be in OTC, patented drugs, contract research and research molecules. It could be a variety of companies. The board has not specified any such thing,? said Swati Piramal, director (strategic alliances & Communications) of the company.
The board of the company has already approved raising up to Rs 1,000 crore by issuing securities. According to sources, the acquisition will be funded by a combination of both debt and equity.
Talking to reporters on the sidelines of a summit on ‘West Bengal – The Investment Destination’ by Associated Chambers of Commerce and Industry (Assocham), she said the company is putting up a plant in Hyderabad with an investment of Rs 70 crore for contract research. The existing Hyderabad facility has USFDA approval apart from accredition and approval of MCA of UK, TGA of Australia and the European and Canadian Drug Authorities.
?We are also putting up a unit at Sanand in Gujarat with an investment of Rs 100 crore for research and development,? she said.
Piramal Diagnostics, the clinical diagnostics arm of Piramal Healthcare, which has been growing over 25% over last three quarters, is planning to enter tier II and tier III towns and cities. ?Wherever we go it will be co-branded,? she said. It already has more than 100 co-branded pathological laboratories.
