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Mumbai, Oct. 5

Nicholas Piramal India Ltd (NPIL) is set to merge its wholly owned subsidiary NPIL Healthcare Pvt Ltd with itself. The move is to ensure better “financial efficiency”, a company spokesperson told Business Line. The company was set up earlier in January as a new growth initiative for the mass branded-medicines market in the country focused on general physicians, the company had said while announcing the initiative. On Friday, the company told the Bombay Stock Exchange that the duly authorised Committee of Directors had approved the merger of its wholly-owned subsidiary, NPIL Healthcare Pvt Ltd, with itself. The Rs 11-crore business was being merged with NPIL for better financial efficiency, the company official said, countering industry information that the company may have changed its marketing strategy on selling its low-end medicines. NPIL shares were down 1.7 per cent on the BSE at Rs 271.30.

– Our Bureau

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