India's
Piramal eyes nutrition, cough-cold brands to boost
consumer health arm
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[December 23, 2015]
MUMBAI (Reuters) - India's Piramal
Enterprises Ltd is exploring buying nutritional supplements and cough
and cold brands to grow its consumer healthcare business to among the
three largest in the country by 2020, a senior executive said.
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The healthcare and financial services conglomerate, owned by Indian
billionaire Ajay Piramal, is studying various brands, but is not
close to finalizing any deals yet, Kedar Rajadnye, president of
Piramal's consumer products division, told Reuters.
The company said on Wednesday that it agreed to buy five
gastro-intestinal products from U.S. firm Merck and privately held
Organon India Pvt Ltd for about 920 million rupees ($13.9 million).
Piramal's consumer health business, known for the iPill
contraceptive pills and Saridon pain relief tablets, contributes
about 10 percent to its total sales.
Rising consumer awareness in India and increasingly hectic
lifestyles are pushing many to self-medicate and buy
over-the-counter products, driving demand in the consumer health
market, market research firm Euromonitor International said in a
report last month.
($1 = 66.2050 Indian rupees)
(Reporting by Zeba Siddiqui in Mumbai; Editing by Gopakumar Warrier)
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