Nirma Limited, a diversified conglomerate with interest in consumer products, chemicals and pharmaceuticals, announced acquisition of equity shares, representing 75% of the current issued and paid-up equity share capital of Glenmark Life Sciences from Glenmark Pharmaceuticals.
As per the press release, under the terms of the share purchase agreement, Nirma Limited consolidated its position as the new promoter of the company. The strategic acquisition marks a significant milestone for Nirma Limited as it strengthens its presence in the pharmaceuticals and life sciences sector.
Hiren Karsanbhai Patel, Managing Director, Nirma Limited said, “We are pleased to announce the successful completion of a majority stake in Glenmark Life Sciences. The acquisition aligns with our strategic objective to expand our presence in the pharmaceutical and life sciences industry. We are excited about the growth opportunities that lie ahead and are committed to leveraging our resources and expertise to drive sustainable long-term value for our stakeholders”.
Dr. Yasir Rawjee, Managing Director and CEO, Glenmark Life Sciences added, “We are delighted to welcome Nirma Limited as our new promoter. Their commitment and overall sense of purpose to unlock the potential that lies ahead of this business will further strengthen our position and accelerate our growth trajectory. We will continue to deliver high quality innovative solutions to our customers and enhance value for our shareholders”.
