Tata group closes in to acquire online medicine start-up 1mg
The Tata group may have finally sealed a deal to acquire the online medicine start-up 1mg, days after it received a crucial nod for the purchase of BigBasket.
An ET Now report said the $106-billion group will acquire 65 per cent for Rs 780 crore in 1mg, thus valuing the latter at Rs 1,200 crore. This comes days after the group infused funds in the start-up.
Entracker, a platform that monitors tech companies, had earlier reported that 1mg has allotted 29,054 compulsorily convertible debentures for which it received Rs 25 crore and another Rs 75 crore will be infused at a later stage.
The 1mg acquisition will thus pitch the Tatas against Mukesh Ambani-led Reliance Industries. It may be recalled that last August, RIL had announced the acquisition of a majority stake in Netmeds, the Chennai-based online pharmacy, for a cash consideration of around Rs 620 crore.
A consortium led by Multiples Alternate Asset Management is acquiring the animal health business of Zydus Cadila in India and certain other countries for Rs 2,921 crore.
Multiples along with Canada Pension Plan Investment Board and Rakesh Jhunjhunwala-led RARE Enterprises have signed the business transfer agreement and other ancillary pacts with Animal Healthcare Established Markets Undertaking (Zydus AH).
Zydus AH is the second-largest and one of the fastest growing animal health businesses in India.
The business holds a leadership position across a range of therapeutic and nutritional products for the livestock and poultry animal segments. It employs nearly 700 people and has a manufacturing facility in Haridwar. For the year ended March 31, 2020, the business recorded a revenue of Rs 513.3 crore.
The consortium will purchase the business of Zydus AH focused on India and certain other countries as a going concern basis through a slump sale from Zydus Animal Health and Investments Ltd (ZAHL), a wholly owned subsidiary of Cadila Healthcare Ltd (Cadila).