Cipla's impending 'takeover' by Blackstone should sadden all of us, says Jairam Ramesh

economictimes.indiatimes.com:

Jairam Ramesh on Friday said Cipla, is an integral part of the country’s political, economic and social history and its impending takeover by Blackstone should sadden everyone. The Congress general secretary quoting an ET report said on Twitter, “It was painful to learn that Blackstone, the world's largest private equity fund, is negotiating to acquire the entire 33.47% promoter stake in Cipla, India's oldest pharmaceutical company.” Cipla was established in 1935 by Khwaja Abdul Hamied who was profoundly impacted by Mahatma Gandhi, Nehru Sardar Patel and Maulana Azad. He also played an important role in creating Council of Scientific & Industrial Research (CSIR), said Ramesh, who is the chairman of Parliamentary standing committee on science and technology, environment and climate change. «Cipla soon emerged as a shining example of Indian nationalism and his son Yusuf Hamied made Cipla a global supplier of low-cost generic medicines and successfully challenged American, German and British monopolies and patent holders,» he said in his Twitter post. «He (Yusuf Hamied) paved the way for many other Indian companies to establish themselves in different countries. He is one of the most charming and delightful businessmen I have had the privilege of knowing,» Ramesh said.

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«Cipla is an integral part of India's political, economic and social history and its impending takeover by Blackstone should sadden all of us,» he added.