The Tatas have given KPMG Peat Marwick the mandate to find buyers for their 47 per cent stake in Tata Merind, the pharmaceutical company.
Though Tata Merind officials declined to comment on the issue, industry sources confirmed that the management consultant has been retained to find buyers.
This follows the Tata decision to exit from the businesses which are not within its core areas. As per the recommendations of global consultant McKinsey & Co, the Tatas have been advised to exit from non-core areas like pharma, agrochemicals and consumer electronics.
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Several pharma majors, both domestic and global, are in the line-up for buying the Tata stake. Industry sources said a valuation exercise has been carried out in the company. Two major pharma multinationals, Glaxo and Pharmacia Upjohn, are already in the fray to pick up the stake.
Industry sources said Tata Merind is a good investment for a pharmaceutical company looking to expand its product portfolio as the company is strong in the vitamins segment.
Meanwhile, Tata Merind is restructuring its operations so that Tata Pharma, the subsidiary can undertake pharmaceutical exports for the company.