New Delhi, Aug 4 (PTI) Congress leader Jairam Ramesh on Friday termed as "painful" reports of global private equity firm Blackstone negotiating to buy out promoters of Cipla, India's oldest pharmaceutical company.

According to reports, Blackstone the world's largest private equity firm is about to put a non-binding bid to acquire the entire 33.47 per cent promoter stake in Cipla, which could then trigger an open offer for another 26 per cent stake.

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"Cipla is an integral part of India's political, economic and social history and its impending takeover by Blackstone should sadden all of us," Ramesh said in a post on Twitter reacting to the reports.

"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," he said.

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The Congress leader recollected that Cipla was established in 1935 by Khwaja Abdul Hamied who was profoundly impacted by Mahatma Gandhi, Nehru Sardar Patel and Maulana Azad. He also played an important role in creating CSIR.

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 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.

The Mumbai-based drug major is known for selling anti-AIDS drugs at a fraction of the price charged by multinational drug makers in Africa.

Comments from Blackstone and Cipla could not be immediately obtained.

(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)