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

  • India’s political space acts as a safety valve for maverick politicians and frustrated electorate

    While it is easy to be cynical about Indian democracy and its ways, the fact is that the vast political space that the system provides for in this cou

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Taslima Nasreen

Bangladesh no country for atheists

It’s a matter of pride to be a freethinker, atheist ...

Purnendu Ghosh

Silence makes you aware of yourself

Often, we don’t feel the necessity of making contact with ...

Shona Adhikari

Artistic focus on women's empowerment

The focus on the girl child remains an important one ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture