In a move aimed at restructuring and consolidating its overseas operations, Ranbaxy Laboratories has increased its stakes in six of its overseas subsidiaries.
The Delhi-based pharmaceuticals major has also set up subsidiaries in Canada and Portugal. Ranbaxy Netherlands BV is the group's holding company for its overseas ventures.
Its holding in the subsidiaries, including Ranbaxy Pharmaceutica Brazil, Ranbaxy Guangzhou China, Ranbaxy RPR Peru and Bounty Holding Company Thailand, have been increased to 70 per cent from 55 per cent, 83 per cent (78.67 per cent), 100 per cent (75 per cent) and 99.3 per cent (86.32), respectively.
It has also acquired 28.10 per cent in the share capital of Ranbaxy Unichem, apart from buying an additional 49.50 per cent in Unichem Pharmaceuticals Thailand, taking the group's holding in the company to 98.5 per cent.
The restructuring move also encompasses the company's US operations.
Ranbaxy Inc, a wholly owned subsidiary in the US, has been positioned as the holding company for the group's four US companies -- Ranbaxy USA Inc, Ranbaxy Pharmaceuticals Inc, Ranbaxy Signature LLC and Ohm Laboratories. The fifth company, Ranlab Inc, has been dissolved.
Confirming the development, a company spokesperson told Business Standard: "Wherever Ranbaxy has a subsidiary, the company has maximised its shareholding, keeping in view the opportunities. Brazil and China are among our key markets and we have increased our holdings there."
"In Peru, the joint venture partner was a strategic investor who divested all holdings, allowing Ranbaxy to take up the entire stake. In Thailand, the shareholding was raised because of an increase in share capital to fund the growth of the company. We propose to enter Canada and Portugal and have set up subsidiaries in these countries," he added.
The company has re-named RPG Aventis, the generic drug maker it acquired in December 2003, Ranbaxy Pharacie Generiques SAS. A wholly owned subsidiary, Laboratorios Ranbaxy SL, has been floated in Barcelona (Spain). Thembalami Pharmaceuticals is the company's 50 per cent subsidiary in South Africa.
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