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Fair trade regulator CCI on Tuesday cleared Torrent Pharmaceuticals Ltd's proposed acquisition of a stake in JB Chemicals and Pharmaceuticals, subject to voluntary modifications offered by the companies. The development came after Torrent Pharmaceuticals in June this year announced the acquisition of a majority stake in JB Chemicals and Pharmaceuticals in a Rs 19,500-crore deal. "The proposed combination relates to the acquisition of shareholding by Torrent Pharmaceuticals Ltd (acquirer) in JB Chemicals & Pharmaceuticals Ltd (target) and the subsequent amalgamation of the target with the acquirer," the regulator said in a release. After the completion of the deal, Torrent Pharmaceuticals will become India's second most valued pharma company. "The Commission approved the proposed combination subject to compliance with voluntary modifications offered by the parties (Torrent Pharmaceuticals Ltd and JB Chemicals & Pharmaceuticals Ltd)," it added. Torrent Pharmaceuticals is the ...
Torrent Pharmaceuticals on Monday said its consolidated net profit increased 20 per cent year-on-year to Rs 548 crore in the June quarter, driven by strong sales across markets, including India and the US. The drug firm reported a net profit of Rs 457 crore in the April-June quarter of the last fiscal. Revenue from operations rose to Rs 3,178 crore in the June quarter compared with Rs 2,859 crore in the year-ago period, Torrent Pharmaceuticals said in a statement. The drug maker said its India revenues rose by 11 per cent year-on-year to Rs 1,811 crore in the April-June period, led by outperformance in focus therapies. The US business revenues stood at Rs 308 crore in the June quarter, by 19 per cent year-on-year, it added. Similarly, revenue in Brazil rose by 11 per cent to Rs 218 crore, the company stated. Its sales in Germany were up 9 per cent year-on-year to Rs 308 crore in the June quarter against the same period last year. Shares of Torrent Pharma settled 0.75 per cent hi
Ahmedabad-based Torrent Pharmaceuticals has sought fair trade regulator CCI's clearance to acquire a majority stake in in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore deal. After the completion of the deal, Torrent Pharmaceuticals will become India's second most valued pharma company. The development came after Torrent Pharmaceuticals in June this year announced the acquisition of a majority stake in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore deal. "The proposed combination relates to acquisition of shareholding by the acquirer (Torrent Pharmaceuticals Ltd) in the target (J B Chemicals & Pharmaceuticals Ltd) and the subsequent amalgamation of the target with the acquirer," according to a notice filed with the Competition Commission of India (CCI). Torrent Pharmaceuticals is the flagship company of the Torrent group and is engaged in the business of manufacturing and sale of pharmaceutical formulations (FDFs) across therapeutic segments. J B Chemicals & ...