The Emami-Zandu corporate war took a new turn on Thursday with a group of shareholders supporting Emami's interest in acquiring Zandu Pharmaceutical.

The investors, under the umbrella of All Gujarat Investor Protection Trust (AGIPT), expressed their support to Emami's claim to the management partnership in Zandu.

Aditya Agarwal, director of Emami, told Business Standard, "We are ready to share management control with Zandu promoters. We will also retain the Zandu brand name as it enjoys a strong recall. If the acquisition comes through, we will add value to the brand in terms of brand extensions and marketing."

The remarks came in response to the move by a group of investors from Zandu who questioned the decision of the management in declining partnership with Emami, which has bought over about 24 per cent in Zandu.

In a communiqué to shareholders, Hemantsingh Jhala, chairman of All Gujarat Investor Protection Trust, said the entry of Emami into the management would definitely bring the much needed fillip to Zandu and create value for the Zandu shareholders.

Just the interest evinced by Emami has more than doubled the prices of the Zandu stock thereby benefiting all the stakeholders as well as protecting the interests of the minority shareholders. Zandu promoters were not available for comment.

Shares of Zandu Pharmaceutical soared 2.33 per cent to Rs 16,301.05 on the BSE on Thursday while Emami rose 3.45 per cent to Rs 289.30. AGIPT sources claimed that it is a Sebi-approved association and has more than 18,000 members.

According to Parhad Postwala, Vice-President of AGIPT, "Once Emami makes the open offer, our advice to the investors will be to remain invested in Emami for long-term benefits."

"We just want to ensure that our investors are not affected due to family disputes among Zandu promoters. Emami is a national brand and has strong team of research and development. The management and brand control by Emami would benefit Zandu and its investors in the long run," Postwala added.

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