08 February 2001 07:17 [Source: ICIS news]
SINGAPORE (CNI)--Indian pharmaceutical major Ranbaxy Laboratories is understood to be negotiating with US-based Speciality Labs to take over the latter's 50% equity stake in their joint venture, Speciality Ranbaxy (SRI), CNI learned on Thursday.
SRI is widely regarded as Asia's biggest pathological testing laboratory chain.
Indian sources said on Thursday that the buyout could start with Ranbaxy taking over 24% first. Media reports there have speculated that Ranbaxy's decision had been prompted by the US company's reluctance to inject additional funds for SRI's expansion.
Senior company officers in Ranbaxy, who confirmed that talks between the two parties are under way, emphasised that nothing has been decided yet.
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