Top Indian corporations, Adani Group and Piramal Healthcare, are in the race to buy the public sector pharmaceutical firm, HLL Lifecare limited (HLL), News18.com has learnt.
The country’s largest contract research firm, Akums Drugs and Pharmaceuticals, is also one of the companies that have shown interest to buy HLL – the company known for its famous condom brand, Moods, beside other contraceptive brands and drugs.
The Department of Investment and Public Asset Management (DIPAM) on December 14 had invited preliminary bids to sell the government’s 100% stake in the central public sector enterprise (CPSE).
“Multiple expressions of interest have been received for privatisation of HLL Lifecare Limited (HLL). The transaction moves ahead to the next stage,” DIPAM secretary Tuhin Kanta Pandey tweeted on March 14.
“Around seven companies have submitted expressions of interest and all of them are popular and competitive enough,” a government official privy to the development told News18.com.
“Top names include Adani group, Piramal healthcare, Akums India, whereas the other three companies are based out of southern India. These companies have submitted their expression of interest to PricewaterhouseCoopers (PwC),” the source said.
PwC is the transaction advisor appointed by the central government to advise and manage the strategic disinvestment of HLL.
News18.com reached out to Adani Group, Piramal Group and Akums India for an official confirmation on their participation in buying HLL.
Piramal Group and Akums India did not respond to the mail and messages till the time of publishing the report, whereas Adani Group spokesperson said, “As a part of the company’s business growth strategy, we continue to evaluate various viable options. The company, however, doesn’t comment on speculations.”
While Piramal Healthcare – seller of popular medicine brands such as iPill – and Akums India has significant presence in the India’s pharmaceutical market, Adani Group’s participation to acquire HLL may hint at the company’s plan of venturing into the healthcare industry. Recently, Tata Group has also made an entry into the segment via acquisition of online pharmacy chain, 1MG.
On March 1, 1966, HLL was incorporated as Hindustan Latex Limited under the Union Ministry of Health and Family Welfare. It was renamed HLL Lifecare Limited in 2009.
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