India News | Cipla's Impending 'takeover' by Blackstone Should Sadden All of Us: Jairam

New Delhi, Aug 4 (PTI) Senior Congress leader Jairam Ramesh on Friday said Indian pharmaceutical company Cipla is an integral part of the country's political, economic and social history and its "impending takeover" by Blackstone should sadden everyone.

The Congress general secretary shared a media report on Twitter which claimed that Blackstone, the world's largest private equity fund, is set to submit a non-binding bid as early as next week to acquire the entire 33.47 per cent promoter stake in Cipla.

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"It was painful to learn that Blackstone, the world's largest private equity fund, is negotiating to acquire the entire 33.47% promoter stake in Cipla, India's oldest pharmaceutical company," Ramesh, who is the chairman of Parliamentary standing committee on science and technology, environment and climate change, said.

Cipla was established in 1935 by Khwaja Abdul Hamied, who was profoundly impacted by Mahatma Gandhi, Jawaharlal Nehru, Sardar Patel and Maulana Abul Kalam Azad.

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He also played an important role in creating Council of Scientific and Industrial Research, Ramesh said.

"Cipla soon emerged as a shining example of Indian nationalism and his son Yusuf Hamied made Cipla a global supplier of low-cost generic medicines and successfully challenged American, German and British monopolies and patent holders," he said in a long Twitter post

"He (Yusuf Hamied) paved the way for many other Indian companies to establish themselves in different countries. He is one of the most charming and delightful businessmen I have had the privilege of knowing," Ramesh said.

"Cipla is an integral part of India's political, economic and social history and its impending takeover by Blackstone should sadden all of us," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)