Daiichi looking to merge its Indian subsidiary with Ranbaxy

NEW DELHI: Japanese drug maker Daiichi Sankyo on Monday said that it is looking to merge its Indian subsidiary with Ranbaxy Laboratories, in which it has acquired a majority stake.

"Legally, Ranbaxy is Daiichi Sankyo's face in India. Yes, we will look at it (possible merger)," Daiichi Sankyo member of board and Senior Executive Officer (Global Corporate Strategy) Tsutomu Une told PTI on the sidelines of India Economic Summit.

He was responding to a query that if the Japanese firm was looking to merge its Indian subsidiary with Ranbaxy.
He, however, declined to give a time-frame as to when the merger is likely to take place.

"How soon or late I cannot tell you now," he said. In June, Daiichi had entered into an agreement to buy out the promoters' 34.8 per cent stake in Ranbaxy and subsequently made open offer for a 20 per cent stake at Rs 737 per share, involving an amount of Rs 22,000 crore (Rs 220 billion).

The company has now completed the deal.