Country’s largest drug maker --Piramal Healthcare-- is mulling to invest $1 billion in the US in a couple of years, mainly to buy companies with interests in aerospace, bio-pharmaceuticals, defence and information management sectors.
Earlier, in the month of February, Piramal agreed to purchase approximately 5.5% of the issued equity share capital of Vodafone India (VIL) from ETHL Communications Holdings (Essar) for a cash consideration of approximately Rs 3,007 crore taking the total shareholding of Piramal in VIL to approximately 11%. This transaction came on the heels of the settlement between Vodafone and Essar over the sale of Essar’s approximately 33% stake in VIL, announced in July 2011, and the purchase by Piramal of approximately 5.5% of the issued share capital of VIL from Essar in August 2011.
Piramal Healthcare, formerly known as Nicholas Piramal, is one of the largest pharmaceutical companies in India. Being part of Piramal Group, its healthcare division contributes 50% to group’s revenue. Besides healthcare, the Piramal Group has business interests in areas of glass manufacturing, retail and real estate.
