By IANS,
Kolkata: Pharmaceutical major Piramal Healthcare is planning to raise Rs.1,000 crore (Rs.10 billion) in the next six-eight months, a senior company official said here Wednesday.
“We will raise Rs.1,000 crore within the next six-eight months. A committee is looking at issues like how to raise it,” Piramal Healthcare Strategic Alliances and Communications Director Swati A. Piramal told reporters.
She was speaking on the sidelines of a summit on ‘West Bengal – The Investment Destination’ by Associated Chambers of Commerce and Industry (Assocham).
The money raised will be used to repay debt and fund likely foreign acquisitions.
“We are looking at acquisitions in healthcare and pharma like OTC (over-the-counter), patented drugs, contract research, research molecules,” Piramal said.
Asked if the company is looking at multiple acquisitions, she said: “It could be variety. We have not decided yet.”
Piramal declined to specify any particular geography of acquisition, saying the company is open to “any geography”.