Nicholas Piramal acquires Boots Piramal Healthcare
Piramal India L
03 October 2006
Nicholas Piramal India Ltd has acquired the 51-per cent stake of The Boots Company PLC, a subsidiary of Alliance Boots plc, in their joint venture, Boots Piramal Healthcare Pvt Ltd. The JV company will now become a wholly owned subsidiary of Nicholas Piramal and the name of the company will be changed to remove the words "Boots" from its name.
Boots Piramal Healthcare Pvt Ltd, a 49:51 JV was formed between Nicholas Piramal and Alliance Boots, as the marketing arm of the two joint venture partners for their OTC brands in India.
Following the acquisition of OTC Healthcare business of Alliance Boots by Reckitt Benckiser Plc., UK globally, Alliance Boots has decided to exit the joint venture in lndia.
The commercialisation of the former Boots OTC brands in India will now be taken over by Reckitt Benckiser (India) Ltd, the Indian subsidiary of Reckitt Benckiser Plc., UK.
To this arrangement, the merged the UK-based company has paid Nicholas Piramal a one-time sum of Rs17.8 crore.
Nicholas Piramal will continue to actively market and distribute its own OTC brands - Saridon, Polycrol and Lacto Calamine.