M&A

M&A

IHL Lifesciences gets NCLT nod to acquire Parental Drugs India for Rs.90-Cr

Economic Times  

The National Company Law Tribunal (NCLT) has approved IHL Lifesciences' acquisition of Mumbai-headquartered Parental Drugs India Ltd. The resolution plan received 100% approval from the creditors. IHL Lifesciences will pay INR 90 crore to acquire the company, which has liabilities of INR 1,287 crore.Parental Drugs India was admitted under the Corporate Insolvency Resolution Process (CIRP) in February 2023 based on an application filed by the Punjab National Bank, after the pharmaceutical company defaulted on its over INR 196 crore in dues.IHL Lifesciences, formerly known as Virat Trade Corp Pvt Ltd is primarily engaged in the manufacturing, sale and distribution of intravenous fluids and is also a player in the import, sale and distribution of polymer products in central India.