Ranbaxy was, is and will remain Indian: Malvinder SinghJune 22nd, 2008 - 3:26 pm ICT by IANS
London, June 22 (IANS) Ranbaxy CEO Malvinder Mohan Singh says the company’s merger with the Japanese Daiichi Sankyo has not diluted its Indian identity. “Ranbaxy was Indian, is Indian and will remain Indian. Our headquarters are there, most of our people are there and our facilities are in India. We remain listed in India. None of that changes,” he said in an interview published in The Sunday Telegraph.
Singh was speaking about the sale of his family’s 34.8 percent stake in Ranbaxy to Daiichi Sankyo, whose offer for another 20 percent stake could make the deal worth up to $4.6 billion.
“It was highly emotional in India,” said Singh, who has promised to stay on as CEO for at least five years.
“Ranbaxy is the torchbearer seen as Indian’s first multinational company. There was a sense of surprise. There has always been a huge sense of pride in Ranbaxy being Indian.”
Singh said it was important to sell the family equity for the pharmaceutical company to grow.
“My grandfather started it in 1961, my father took it global and I want to transform this company, taking it to a completely different level and making it stronger.
“Yes, it was an emotional decision to let go of the equity of the family because this is the third generation that I am leading. But at the same time, it was so imperative for the company that it made eminent sense to do it,” he said.