Sun's takeover of Ranbaxy may hurt competition: CCI

Tags: News
India's antitrust regulator said on Thursday it had made an initial observation that Sun Pharmaceutical Industries Ltd's agreed $3.2 billion acquisition of Ranbaxy Laboratories Ltd could hurt competition, asking the companies to provide more details.

The Competition Commission of India (CCI) is still investigating the deal, but has formed a "prima facie opinion that the combination is likely to have an appreciable adverse effect on competition", according to a government statement on Thursday and a document posted on the regulator's website.

Sun and Ranbaxy have been asked by the regulator to publish details of the deal within 10 working days on their websites as well as in four national newspapers. The CCI also sought comments or objections from the public on the proposed deal.

Sun Pharma agreed in April to buy Ranbaxy from Japan's Daiichi Sankyo Ltd to create the world's fifth-largest maker of generic drugs. Both companies have previously said they expect to complete the deal by December.

EDITORIAL OF THE DAY

  • Enhanced allocations are needed for research to ‘Make in India’ for India

    Even as India flaunts its ambitious ‘Make in India’ initiative from February 13, it spurs several questions.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

The importance of Indonesia

A few weeks ago, the wo­rld was shocked by a ...

Rajgopal Nidamboor

Try to awaken the archaeologist within

Our mind is far ahead of René Descartes’ famous maxim, ...

Bubbles Sabharwal

Social media versus real life

It’s amazing how social media brings out the best side ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture