Nirma acquires majority stake in Glenmark Life Sciences

Nirma Limited, a diversified conglomerate involved in consumer goods, chemicals and pharmaceuticals, announced the completion of acquisition of 91,895,379 equity shares from Glenmark Pharmaceuticals, representing 75% of the current issued and paid-up share capital of Glenmark Life Sciences.

Under the terms of the share purchase agreement, Nirma Limited purchased 75% of the current issued and paid-up share capital of Glenmark Life Sciences, consolidating its position as the new promoter of the company. This strategic acquisition marks a major milestone for Nirma Limited as it strengthens its presence in the pharmaceutical and life sciences space.

Hiren Karsanbhai Patel, Managing Director, Nirma Limited said, “We are pleased to announce the successful completion of the acquisition of a majority stake in Glenmark Life Sciences. This acquisition is consistent with our strategic goal to expand our presence in the pharmaceutical and life sciences industries. We are excited about future growth opportunities and are committed to leveraging our resources and expertise to deliver sustainable long-term value to our stakeholders. "

Yasir Rawjee, Managing Director and CEO of Glenmark Life Sciences said: “We are delighted to welcome Nirma Limited as our new promoter. Their commitment and overall sense of purpose to unlocking the potential of this business will further strengthen our position and accelerate our growth trajectory. We will continue to provide high-quality innovative solutions to our customers and enhance value for our shareholders. "

Further, subject to shareholder approval, the company's Board of Directors has appointed Hiren Karsanbhai Patel, Kaushikbhai N. Patel and VijayKumar Ratilal Shah as additional directors.