Sun Pharmaceutical Industries Ltd.

Sun Pharmaceutical Industries, which has cash balance of $1.3 billion as on March this year including its subsidiary Taro Pharmaceutical Industries, was in talks with banks to raise funds for the acquisition of Swedish firm Meda Pharmaceuticals for up to $6 billion in June. However, on account of sharp depreciation of rupee in June and patent settlement worth $550 million in the US, has opted out from the race.

Rupee’s sharp fall in June has postponed the overseas acquisition plans of many Indian companies, including Sun Pharma. The rupee leads the losers' chart among Asian currencies in the April-June quarter by plunging 8.6%, during the period due to massive capital outflows on worries of withdrawal of the US stimulus and reported cash crunch in China.

Sun Pharmaceuticals Industries is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world.