Ajay Piramal, Chairman, Piramal Healthcare has said that they would require another six months to decide and spot the correct investment targets. He was actually talking, taking into account the recently collected Rs 12,000 crore from the sale of its domestic formulation arm.
He further said “If we can’t find anything else, we will look at taking the money out of Piramal Health and investing it in our other group ventures”.
The domestic formulations business owned by Piramal Healthcare, were reportedly vended to US-based Abbott for Rs 17,000 crore. As per deal the majority was paid straightway during the completion of the project in the month of September.
He said that he had all the plans to acquire new Companies but that would be done only if they would get along well with a strategy. Also the cash they ad at present, was too much to make an investment in the remaining assets of Piramal Healthcare, he said.
The Company’s businesses at present are mainly clinical research, over-the-counter drugs and contract manufacturing.
The pharmaceutical firm is said to have made an announcement in the recent past to buy back shares at Rs 600 each, worth Rs 2,510 crore overall. The Company’s shares are said to have ended at Rs 483.70, down 1.4%, this Wednesday.
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