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Healthcare

Ranbaxy to sell stakes in founder's firms - report

MUMBAI, May 13 (Reuters) - Ranbaxy Laboratories RANB.BO, controlled by Japan's Daiichi Sankyo 4568.T, plans to sell stake in group companies of its founder to raise about 3 billion rupees ($67 million), the Economic Times reported on Thursday.

The largest Indian drugmaker by sales was founded by the Singh family, who sold out to the Japanese firm in 2008. Ranbaxy has minority stakes in Fortis Healthcare FOHE.BO and Shimal Research, run by the Singh family.

“There is no strategic fit in these investments,” the newspaper quoted Ranbaxy’s chief financial officer, Omesh Sethi, as saying.

Officials at Ranbaxy could not immediately be reached for comment.

For details on the newspaper report, see:

www.economictimes.com ($1=45.1 rupees) (Writing by Sumeet Chatterjee; Editing by Ranjit Gangadharan)

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