By Aditya Kalra and M. Sriram DELHI/MUMBAI (Reuters) - India's Torrent Pharmaceuticals is in talks with private equity funds CVC Capital Partners and ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSWatch onDELHI/MUMBAI - India's Torrent Pharmaceuticals is in talks with private equity funds CVC Capital Partners and Bain Capital to raise up to $1.5 billion to bid for India's Cipla, according to three sources with direct knowledge of the matter.
Cipla's founding family is keen to sell their 33.4% holding entirely, sources say, and any bid will also trigger an open offer for another 26% stake, as per Indian regulations. That translates to a $6.75 - $7 billion deal, Bernstein estimated in an Aug. 30 report. Bain and Blackstone declined to comment while Cipla, Torrent and CVC did not respond to comments. The Economic Times first reported CVC's talks with Torrent on Monday.
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