Nirma acquires majority stake in Glenmark Life Sciences

Nirma acquires majority stake in Glenmark Life Sciences

Completes acquisition of 75% of share capital from Glenmark Pharmaceuticals

  • By ICN Bureau | March 13, 2024

Nirma Limited, a diversified conglomerate with interest in consumer products, chemicals and pharmaceuticals, has announced the completion of acquisition of 91,895,379 equity shares, representing 75% of the current issued and paid-up equity share capital of Glenmark Life Sciences from Glenmark Pharmaceuticals.

Under the terms of the share purchase agreement, Nirma Limited has purchased 75% of the current issued and paid-up equity share capital of Glenmark Life Sciences, consolidating its position as the new promoter of the company. This strategic acquisition marks a significant milestone for Nirma Limited as it strengthens its presence in the pharmaceuticals and life sciences sector.

Commenting on the transaction, Hiren Karsanbhai Patel, Managing Director, Nirma Limited said, “We are pleased to announce the successful completion of a majority stake in Glenmark Life Sciences. This 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.”

Speaking on the announcement, Dr. Yasir Rawjee, Managing Director and CEO, Glenmark Life Sciences said, “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.”

Further the Board of Directors of the company has appointed Hiren Karsanbhai Patel, Kaushikbhai N. Patel and VijayKumar Ratilal Shah as Additional Directors, subject to approval of the shareholders.

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