Japanese lender key financier of pharma M&As

Japan's Bank of Tokyo-Mitsubishi UFJ (BTMU), part of the Mitsubishi UFJ Financial Group (MUFG), is taking aggressive bets in Indian pharmaceuticals.
 

Pharma is its second largest segment in Indian loan exposure, after oil and gas. The group would not disclose the total of India loans.

Over the past two-odd years, MUFG has led almost all major outbound merger & acquisition (M&A) financing for Indian pharma companies. "We expect this to continue," said Shashank Joshi, head of corporate banking for India at BTMU-MUFG. "The financing needs of large Indian pharma companies are primarily linked to inorganic growth. They have been actively