Mumbai: Unichem Laboratories, which has earmarked $20-25 million for acquisitions, is in talks with a few Brazilian drug firms, after it failed to seal a takeover deal there.

"We are in talks with certain companies," agency reports quoted chairman and managing director P.A. Mody as saying.

Mumbai-based Unichem was close to buying a Brazilian firm in January. However, "that did not go through," he said citing lack of financial and operational efficiencies from the merger.

The acquisition will be funded through internal accruals, he said.