Reckitt buys India's Paras Pharmaceuticals
Household goods firm Reckitt Benckiser on Monday announced an agreement to buy Indian company Paras Pharmaceuticals for about 460 million pounds (549 million euros, 726 million dollars).
Reckitt Benckiser (RB) said it had agreed to buy Paras Pharmaceuticals Limited for 32.6 billion Indian Rupees from the current shareholders, including the Patel family and Actis, the emerging markets private equity investor.
"The acquisition of Paras is another step forward in RB's growth strategy in consumer health care," Reckitt Benckiser chief executive Bart Becht said in a statement.
"It creates a material health care business in India, one of the most promising health care markets in the world with the addition of a number of strong and leading brands," added the head of the Anglo-Dutch company.
Paras is a privately-owned Indian company whose core products include D'Cold flu remedy, prickly heat treatment Dermicool and anti-fungal cream Itch Guard.
© 2010 AFP