Li Keqiang's India Visit
Chinese Premier Li Keqiang, smiling and effusive, was out to smooth ruffled feathers in India this week, promising to ease tensions and increase trade between Asia's fastest growing economies in his first trip overseas since taking office. Full Article | Slideshow
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Four drugmakers submit bids for Paras Pharma buy - report
MUMBAI (Reuters) - Global drugmakers GlaxoSmithKline Plc, Sanofi-Aventis, Novartis AG and U.S.-based Johnson & Johnson have submitted concrete bids to acquire majority stake in the Indian unlisted firm Paras Pharmaceuticals, the Business Standard reported on Tuesday.
The initial bids were much lower at around $600-$700 million, from the earlier expected valuation of close to $1 billion, the newspaper reported citing unidentified sources.
"While more serious players such as Japan's Taisho Pharmaceutical are expected to join the race, domestic FMCG majors like Emami and Dabur are unlikely to place a bid for the company," the paper quoted a source as saying.
Paras Pharmaceuticals officials could not be reached immediately for a comment by Reuters.
(Reporting by Kaustubh Kulkarni; Editing by Ramya Venugopal)
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