Piramal Health to raise Rs 1,000 cr for acquisitions

Pharma company Piramal Healthcare today said it is looking for acquisitions in the fields of patented drugs, contract research and research molecules and will raise Rs 1,000 crore for this purpose.

The company's board had recently approved raising of Rs 1,000 crore for this purpose within six to eight months, Piramal Healthcare Director Swati Piramal told reporters on the sidelines of an Assocham meeting here.

But "how to raise it is yet to be decided," she added.

Piramal had last month said the company was looking at acquisitions overseas.

"Many global pharma companies are on our radar. We are looking for a cross-border acquisition. But we have not finalised anything so far," she had said.

The company, which had also entered the pathological testing business, has 100 pathlabs across the country.

But the firm does not have plans to enter the hospitals business, she said, adding that the direct tax code was thwarting setting up of new plants in backward regions.