In one of the most significant hostile takeovers in Indian corporate history, Emami, a leading personal healthcare company in Kolkata, acquired 27.5% of the shares in 100-year-old Zandu Pharmaceutical Works from co-promoters, the Vaidya family.
The acquisition triggered the start of a process to comply with Securities and Exchange Board of India (SEBI) takeover regulations.
Commenting on the transaction, Emami director Harsh Agarwal said, “We are completing this transaction at a time when panic and pessimism in the global financial markets have forced our competitors to act defensively. We view this transaction as an important step in the growth of Emami and believe that Zandu’s product line will provide us with opportunities in markets in India and across the world.”
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