Ahmedabad/Mumbai: Torrent Pharmaceuticals Ltd, the flagship company of the Ahmedabad-based Torrent group, on Friday said it had agreed to acquire the branded business of Unichem Laboratories Ltd in India and Nepal for Rs3,600 crore. Torrent Pharmaceuticals, with annual revenue of more than Rs5,800 crore, said it has entered into a definitive binding agreement with Unichem on Friday. It is also expected to realize cost and revenue synergies in Torrent’s branded business in India,” Samir Mehta, chairman of Torrent Pharmaceuticals, said in a statement. The acquisition will help Torrent increase its Indian pharma market share in terms of sales to 3.4% from 2.4%. As many as 3,000 employees will be added to Torrent’s existing employee workforce after the Unichem acquisition.

Source: Mint November 03, 2017 15:33 UTC