Pfizer arm buys Bharti Healthcare for Rs 88 cr

Pfizer's division, Capsugel, today acquired Bharti Healthcare for Rs 88 crore. This is being seen as an attempt by the Bharti group to streamline its activities and focus only on its core competencies.

Capsugel, which has 10 global manufacturing facilities for gelatin capsules, capsule filling and sealing equipment, has acquired 92.76 per cent stake from the promoters at Rs 71 per share.

As a necessary requirement for delisting, it would continue to buy the shares from other shareholders at Rs 83 per share for 6 months w.e.f. 11th October, 2005, according to the Bharti release.

Bharti Healthcare, which is India's leading manufacturer of empty hard gelatin capsule, would now have the benefit of world class manufacturing and quality standards, added the release.

Commenting on the development, Rakesh Bharti Mittal, vice chairman, Bharti Enterprises said, "The decision to exit this venture is in keeping with our functional and operational specialisation and with a view to focus on businesses that are customer facing as well as scalable."

A Pfizer stated said that while considering opportunities to enter the Indian market, it had selected Bharti Healthcare Ltd based on its strong results and reputation built-up by the leadership of Bharti.