Last Updated: August 23, 2023, 09:37 IST
Torrent Pharma has entered into the race to acquire the Hamied family’s stake in Cipla, people aware of the matter told News18.com. Ahmedabad-headquartered Torrent wants to take control of the fourth-ranked pharmaceutical major that is more than double (2.3x) its FY23 consolidated revenue, 2.3 times its profit, and 1.46 times its present market value.
However, the competition for buying out the Hamied family’s stake in Cipla also includes Blackstone, the largest buyout fund, and Baring PE Asia-EQT. Torrent Pharma, with advisory support from JP Morgan, is exploring options of forming a consortium with private equity funds. Preliminary discussions in this regard have already taken place with a few potential partners, the Economic Times reported.
