Country’s oldest pharma company Cipla is going to be sold, two Indian companies bid

Mumbai (EMS). The promoters of Cipla, which has earned a big name in the country’s pharma sector, have announced the sale of their stake. Two big pharma companies have also prepared to bid to buy Cipla.

The foundation of Cipla Company was laid even before independence in 1935 by Khwaja Abdul Hameed, who greatly believed in the ideals of Gandhiji. After his death in 1972, Yusuf Hameed and his brother Mustafa Hameed took over its responsibility. Yusuf is currently the non-executive chairman of $2.7 billion Cipla company. As of June 30, 2023, the total stake of Hameed family i.e. promoters in Cipla company was 33.4 percent, which is currently the highest in the company.

At present there are two pharma companies in the race to buy Cipla company. One is Torrent Pharma of Ahmedabad, which was started by UN Mehta in the year 1959. The second one is Dr. Reddy’s of Hyderabad, which was established in the year 1984 by K. Anji Reddy started it. Both the Indian companies are aware of the authenticity of Cipla and both know that a large consumer section trusts this company a lot. Whereas private equity firm Bain Capital has planned to buy Cipla in collaboration with Dr. Reddy’s. At the same time, private equity firm Blackstone has already bid for Cipla in collaboration with Torrent. Now both the companies along with their respective partners are preparing to buy the company. If Reddy’s is successful in buying this stake, then it will leave behind many big companies not only of the country but of the world. It is said that Cipla has given a lot of benefit to the Indian pharmaceutical market. This company kept the prices of its medicines stable and other companies were also forced not to increase their prices keeping competition in mind.