Analysis of the Sun Pharmaceutical Industries Ltd. and Ranbaxy Merger

This report provides a comprehensive analysis of the Sun Pharmaceutical Industries Ltd. and Ranbaxy Laboratories merger. It begins with an overview of the Indian pharmaceutical industry, its market share, major players, export trends, government initiatives, and future potential. The report then presents the hypothesis of the study, focusing on the performance of Sun Pharma pre and post-merger. It details the profiles of both companies, outlining the rationale behind the merger, including market expansion, product portfolio diversification, and the resolution of regulatory issues faced by Ranbaxy. The report discusses the specifics of the transaction, anticipated outcomes, and synergies for Sun Pharma, such as increased market share, enhanced global footprint, and cost savings. It also addresses issues related to the merger, including post-deal challenges and strategies for building synergies. The report concludes with an analysis of the post-merger repercussions and offers key insights into the strategic implications of the merger within the context of the Indian pharmaceutical landscape. The report also includes references for further reading.

SUN PHARMA – RANBAXY MERGER
Submitted by:
Group 1
Ritam Khanna F028
Saundarya Mehra F038
Nahid Seliya F050
Vatsal Shah F054
Himanshu Sharma F055
Shantanu Sharma F057
August 2019
Submitted to:
Dr. M.K. Satish
Associate Professor, SBM, NMIMS
Submitted in partial fulfilment for the course requirements in Strategy Implementation
(Trimester IV)
School of Business Management
NMIMS UNIVERSITY
1

TABLE OF CONTENTS
1. Indian Pharmaceutical Industry.........................................................................................................3
Overview...........................................................................................................................................3
1.1 Industry share and major players.................................................................................................3
1.2 Export trends...............................................................................................................................3
1.4 Opportunities and future potential...............................................................................................4
1.5 Indian Government initiatives......................................................................................................5
2. Hypothesis.........................................................................................................................................5
3. About the Companies.......................................................................................................................5
3.1 Sun Pharmaceutical Industries Ltd..............................................................................................5
3.2 Ranbaxy Laboratories..................................................................................................................6
4. Need of the Merger............................................................................................................................6
5. Details of Transaction........................................................................................................................8
6. Anticipated Outcomes & Synergies for Sun Pharma.......................................................................10
7. Issues Related To The Merger.........................................................................................................10
7.1 Issues: Sun Pharma faced with in return of the deal..................................................................11
7.2 Post Deal Challenges:................................................................................................................11
8. Post-Acquisition Stage....................................................................................................................13
8.1 Planned measures......................................................................................................................13
8.2 Strategy to build synergies.........................................................................................................14
9. Post-merger repercussions...............................................................................................................15
10. Conclusion.....................................................................................................................................16
References:..........................................................................................................................................18
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1. Indian Pharmaceutical Industry
Overview
Indian pharmaceutical industry is the world’s largest provider of generic drugs accounting for
supplying more than 50 per cent of the global demand for various vaccines, around 40 per
cent of generic demand in the US and almost 25 per cent of all medicine in the UK.
India is the global leader in producing cost-effective generic medicines and vaccines,
supplying 20 percent of the total global demand by volume. India has an established domestic
pharmaceutical industry, with a very strong network of over 3000 drug companies and about
10,500 manufacturing units.
1.1 Industry share and major players
With 71 per cent market share, generic drugs form the largest segment of the Indian
pharmaceutical sector. Based on moving annual turnover, Anti-Infectives (13.6%), Cardiac
(12.4%), Gastrointestinals (11.5%) had the biggest market share in the Indian pharma market
in 2018.
Some of the major domestic players in the industry include Sun Pharmaceutical Industries,
Cipla, Lupin, Dr. Reddy’s Laboratories, Aurobindo Pharma, Zydus Cadila, Piramal
Enterprises, Glenmark Pharmaceuticals, and Torrent Pharmaceuticals.
1.2 Export trends
Almost half of the total production of Indian pharmaceuticals are exported to more than 200
countries in the world.
Valued at US$ 33 billion in 2017, India’s pharmaceutical exports stood at US$ 17.27 billion
in FY18 and as of FY 2019 have reached US$ 19.14 billion. Pharmaceutical exports from
India majorly include bulk drugs, drug formulations, intermediates, biologicals, AYUSH and
herbal products and surgicals.
India’s other important export destination include the United Kingdom (US$383.3 million),
South Africa (US$ 367.35 million), Russia (US$ 283.33 million) and Nigeria (US$ 255.89
million).
By 2020, the industry estimates the exports to grow by 30 per cent to reach US$ 20 billion.
1.3 FDI and recent developments
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India’s current foreign direct investment (FDI) policy allows 100 per cent FDI under
automatic route in green field pharmaceutical projects and up to 100 per cent FDI under
government approval in brownfield projects.
According to the data that has been released by the Department of Industrial Policy and
Promotion (DIPP), the Indian pharmaceutical sector has attracted cumulative FDI inflows
worth US$ 15.98 billion between the time - April 2000 and March 2019.
Following have been some of the recent developments and investments in the Indian
pharmaceutical sector:
 The Indian pharma sector saw 39 PE investment deals worth US$ 217 million in
2018.
 Investment (as a % of sales) in the R&D segment by the Indian pharma companies
increased from 5.3 per cent in FY12 to 8.5 per cent in FY18.
 The Indian pharmaceutical industry exports to the US expected to get a boost, as
branded drugs worth US$ 55 billion become off-patent.
1.4 Opportunities and future potential
In terms of having significant potential in the Indian pharmaceutical industry going forward,
following FIVE opportunities seem to be among the most emerging ones [2] –
(i) patented products
(ii) consumer healthcare
(iii) biologics
(iv) vaccines
(v) public health
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Indian pharmaceutical sector is expected to grow at a CAGR of 15 per cent in the near future
and medical device market expected to grow to $50 billion by 2025.
1.5 Indian Government initiatives
The Indian Government’s ‘Pharma Vision 2020’ aims to make India a major hub for end-to-
end drug discovery. Cumulative FDI worth US$ 15.98 billion has been received between
April 2000 and March 2019. Under the Union Budget 2019-20, allocation to the Ministry of
Health and Family Welfare had been increased by 3.1 per cent to Rs 63,298 crore (US$ 9.06
billion)
2. Hypothesis
The Hypothesis of our study is following:
Ho: There is significant difference in performance of Sun pharma pre and post-merger
We will conduct our study on hypothesis based on following performance parameters:
a) Financial parameters (Revenue, Key Ratios)
b) Non-financial parameters (Product portfolio, productivity)
3. About the Companies
3.1 Sun Pharmaceutical Industries Ltd.
Sun Pharmaceuticals is India’s largest pharmaceutical company from and the fifth largest
specialty generic company in the world. Its businesses include production of generics and
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branded generics, speciality, over the counter (OTC) products, anti-retrovirals (ARVs),
Active Pharmaceutical Ingredients (APIs) and intermediates.
With more than 2,000 marketed products and 40 manufacturing sites spread across 6
continents and 15 countries, Sun Pharma serves over 150 markets across the world.
US formulations contributed the most to company’s US$ 4 billion sales in FY18 with a
contribution of 34 per cent, followed by India branded formulations at 31 per cent. In FY19,
the total income of the company reached Rs 30,091.40 crore (US$ 4.33 billion).
Stringent audits of all Sun Pharma manufacturing facilities are conducted by regulatory
agencies routinely conducting for compliance with Current Good Manufacturing Practices
(cGMP).
3.2 Ranbaxy Laboratories
Ranbaxy Laboratories is a major research-oriented international pharmaceutical company
established in 1961 and serves in over 150 countries and with experience of more than 50
years in providing high quality, affordable medicines.
It has 21 manufacturing facilities spread across eight countries. Additionally, the company
covers all the top 25 pharmaceutical markets of the world and has a robust presence across
both developed and emerging markets.
Started by two cousins Ranjit and Gurbax (and hence the name Ranbaxy) as a drug
distribution firm in 1937 in Amritsar), it was acquired by Bhai Mohan Singh in 1947 as the
original owners of the firm had failed to repay the money that had been lent by Bhai Mohan
Singh. Over the course of next few years, Bhai Mohan Singh managed to save the company
from takeover - not once but twice - first from Mr. Gurbax Singh himself and later from
Lapetit of Italy. It was under Bhai Mohan Singh that Ranbaxy as a company was incorporated
in 1961 and launched its first blockbuster drug Calmpose, in 1969.
4. Need of the Merger
Sun Pharma and Ranbaxy both were in the middle of a landmark transaction that was to
provide a win-win situation for both the companies. The need for the merger arose mainly
due to the following reasons:
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- Entry into new markets and Increased market penetration
One of the prime considerations of this transaction was the integration of product portfolio,
supply chain and manufacturing. Both the companies had a strong presence in India and US,
and ROW (Rest of world), and the combined entity was to provide more diversification with
US contributing 47%, India contributing 31% and ROW contributing 22% of sales. Sun
Pharma had estimated that It will save $250 million in the third year of the merger due to
great operating synergies. Sun Pharma was to benefit from Ranbaxy’s distribution network
as well. Since Ranbaxy has a strong reach in the rural markets, Sun Pharma can leverage
Ranbaxy’s distribution network and its strengths in various product categories.
The combined entity was to have a stronger position in the Indian market with presence in
wider therapeutic basket. The outcomes as predicted were that the new entity would be
world’s fifth largest speciality-generic pharma company with sales of $4.2 billion for CY
2013. Also, in the US, it would be 1st in generic dermatology and 3rd in branded dermatology
market. And in India, it would become the largest Indian Pharma company operating in US.,
ahead of Abbott.
- Diversified Product Portfolio
The merger company was expected to have a diverse, highly complementary portfolio of
speciality and generic products marketed globally, including 445 ANDAs (Abbreviated New
Drug Application). Rising healthcare costs and increasing awareness of efficacy of generics
has also led to a surge in demand for generics in developed world, making a good case for the
company.
- Ranbaxy’s Regulatory issues
Ranbaxy faced many quality issues in its manufacturing facilities in Mohali, Dewas and
Panota Sahib. This prompted USFDA (United States Food and Drug Administration) to
impose a ban on its drugs affecting US market. As a result, the Panota and Dewas facilities
were banned in 2008 and Mohali was banned in 2013. Only a New Jersey facility produced
drugs, but with increased pressure on this facility, Ranbaxy’s smooth operations took a hit.
It further faced problems with improper handling of data and inferior facilities of production,
which led to $500 million payments as a settlement fee. In addition to this FDA further
banned few more generic drugs produced by Ranbaxy.
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With such compliance issues, it posed a big challenge for Sun Pharma post-merger, but
according to Dilip Sanghvi (promotor of Sun Pharma), it was not the size of deal which
mattered, but the quality of business and its integration. According to him, the company’s
prime focus would be to comply with regulatory standards which was one of the key issues
that Ranbaxy faced.
This attitude showed that Sun Pharma was willing to take Ranbaxy with all its challenges and
help it turnaround its business, in return of which it felt that the many first-to-file applications
of Ranbaxy could help it give a major boost to revenues once the approval comes through and
once they are able to resolve many regulatory issues. This was also a chance for Ranbaxy to
regain its trust from USFDA.[3]
5. Details of Transaction
Ranbaxy Laboratories was acquired by Sun Pharmaceutical Industries for 3.2billion USD in
stock with addition of 800 million USD of debt. This acquisition resulted in creating world’s
fifth biggest generic pharmaceutical company by revenue and also the largest Indian drug
maker with a local market share of 10 per cent.
Under the agreement signed and approved, Ranbaxy shareholders received 0.8 shares of Sun
Pharma for each share of Ranbaxy. This ratio represented each Ranbaxy share an implied
value of Rs 457. This was a premium of 18% to Ranbaxy’s 30-dy volume-weighted average
share price.[3]
8
Pre transaction Structure
Transaction
36%
36%

6. Anticipated Outcomes & Synergies for Sun Pharma
1. The new entity formed will be the world’s fifth largest specialty-generic pharma company
with sales of US$ 4.2 billion.
2. The entity will be present in 55 countries and will have 40 manufacturing facilities
worldwide, having a portfolio of products for both acute and chronic treatments.
3. It will also become the largest Indian pharma company operating in the U.S.
4. The pro-forma U.S. revenues of the merged entity for CY 2013 are estimated at US$ 2.2
billion and the entity will have a strong potential in developing complex products through a
broad portfolio of 184 ANDAs (Abbreviated New Drug Application) awaiting US FDA
approval, including many High-value FTF (First to File) opportunities.
5. This merger will result in Sun Pharma being the largest pharma company in India with pro-
forma revenues of US$ 1.1 billion and over 9% of market share.
6. The acquisition will help Sun Pharma to enhance its edge in acute care, hospitals and OTC
businesses with its 31 brands among India’s top 300 brands along with improved distribution
network.
7. This merger will also improve Sun Pharma’s global footprint in emerging pharmaceutical
markets like Russia, Romania, Brazil, Malaysia and South Africa having combined pro-forma
revenues of 0.9 billion USD in the above mentioned markets.
8. Pro-forma EBITDA of the merged entity for the year 2013 is estimated at US$ 1.2 billion.
9. Synergy benefits of 250 million USD are expected to be realized by the third year once the
deal is closed.
10. Post-deal closure, Daiichi Sankyo (the majority shareholder of Ranbaxy) will become the
second largest shareholder of Sun Pharma with a 9% stake.
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7. Issues Related To The Merger
The merger was approved by the Competition Commission of India (CCI), Bombay Stock
Exchange (BSE), and National Stock Exchange (NSE) but the challenge in the road ahead
was to garner 100% compliance of manufacturing standards as laid down by the regulators,
achieving the projected synergy of $250 million within 3 years and a robust expansion with a
focus on R&D.
7.1 Issues: Sun Pharma faced with in return of the deal
Ranbaxy plants at Mohali, Dewas and Paonta Sahib faced quality issues which led to the US
Food and Drug Administration (FDA) to impose a ban on the drugs being produced in these
manufacturing plants. Adding to these issues, Ranbaxy was plagued with problems like
mishandling of data and inferior facilities of production leading to a payment of $500 million
as settlement with the federal legislation and a further ban on a few generic drugs of Ranbaxy
due to manufacturing woes.
7.2 Post Deal Challenges:
7.2.1 Expected Synergies
Synergy benefits valuing to $250 million by the third year of the closing of the deal, revenue
acceleration and cost management along with supply chain efficiencies were the benefits
expected.
Sun Pharma was ranked fifth largest specialty- generic Pharma company prior to the merger
with sales of US $4.2 billion.[4] Post-merger, it became the first ranking entity with US FDA
approval for a potential to manufacture complex drugs. The deal was to make Sun Pharma the
leading pharma company in India with a 9% market share and a rising challenge to improve
presence and global footprint in emerging markets like Russia, Brazil, Malaysia and South
Africa.[5]
7.2.2 Achieving Compliance
Amidst the regulatory issues, the biggest challenge faced by Sun Pharma was to restore and
regain confidence and trust of the regulators, especially the ones in the US. At the time of the
merger, four of Ranbaxy plants were banned by USFDA and were ongoing consent decree
7.2.3 Integration
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A major challenge post-merger was to align business operations and every element, finance,
technology and human resources to achieve the projected synergies. Also, the integration of
product portfolio, manufacturing and supply chain was a key concern due to different views
and objectives.
(i) Finance
A declined net worth of Ranbaxy due to factors like payment of US $515 million to the US-
Department of Justice to settle charges of manipulation of data and facility management
issues, decreased investments with losses on foreign currency derivatives. The merger was
executed at a time where Ranbaxy was trying to restore its financial health, posing a
challenge for Sun Pharma to meet its set target of $250 million synergies under those fluid
conditions.
Amidst the concerns surrounding the deal, Sun Pharma had recorded sharp declining trends in
the financial year ending March 2016, where the year on year change in sales was mere 2%.
The adjusted net profit declined by 16% in 2015 (YoY), however showed a marginal growth
in 2016 of 13% YoY. The investment scenario was also dismal with negative changes of (-
52%) in 2016. Thus, financial challenges were a major concern point for Sun Pharma. [6]
(ii) Technology
Necessary focus on productivity and Supply chain efficiency was a priority due to the
reputation of Ranbaxy in the recent past for Sun Pharma. Concentration on global business
growth became the top priority. Issues concerning expanding the product portfolio, deciding
the focus on particular areas like dermatology, oncology, ophthalmology etc, focus on
innovation to harness revenue worldline, optimizing best practices of both Ranbaxy and Sun
Pharma to minimize disruptions.
(iii) Managing a Diverse Portfolio
The deal brought Sun Pharma a vastly diversified product and market portfolio raising
a need for different regulations and distinguished management skill sets
People: The Integration Management Office (IMO) oversaw the complete integration
process. An important aspect of the merger was strengthening the multi-cultural team of Sun
Pharma of around 30000 from across 50 global cultures. Alignment of the two firms on work
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cultures and bringing them on a common platform was one of the biggest operational
challenges facing Sun Pharma [7]
Leadership Team: To meet the road map laid down the firm needs to draw expertise from
the Management Team of both Sun Pharma and Ranbaxy. Ranbaxy being one of the oldest
generic Indian drug brands with the highest recall value made it a challenge to restore faith
and trust of employees towards the cultural integration. The post deal woe of loss of identity
was a disturbing element leading to loss of morale of Ranbaxy employees. It was a major
challenge to form a management team that highlights the skill sets of both the firms dwelling
towards a common interest and building up morale of employees to improve productivity.
8. Post-Acquisition Stage
8.1 Planned measures
The post-acquisition stage involves the process of preparation of the official documents,
getting the agreed agreements signed, and finally negotiation of the deal. Also, it includes
integration of the companies on various parameters. Additionally, it also defines the
parameters of the future relationship between the two.
After signing and entering into the venture, the various plans implemented by Sun Pharma
were:
1. In the first year, the basic structure and the functions of the company were managed, by
streamlining and rationalizing various functions.
2. In order to finally expect contributions from the buyout, Sun Pharma executives had
prepared a three-pronged strategy which included:
· Supply chain and field force to be integrated for enhanced efficiency and productivity
· Achieving higher growth through synergies in domestic and emerging markets.
· Targeting full turnaround of Ranbaxy in three to four-year period after closure of the
deal.
3. The letterheads, visiting cards and all the company marketing and packaging material had
to be redesigned to reflect the new branding.
4. Further, Sun Pharma took the following measures in the aftermath of the merger:
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- Extinguished Ranbaxy brand at each of its 19 manufacturing plants
- Rationalised the portfolio around the world to focus on profit-making products;
- Closed nearly half-a-dozen plants for greater economies of scale and synergy;
- Re-examined trade (wholesale and retail chemists) and incentive policies
8.2 Strategy to build synergies
The first challenge for Sun Pharma was to reduce bleeding and improve performance of the
acquired assets not impacted by the USFDA action. To fight this challenge, a new and
renewed leadership, clear direction, prioritised areas of improvement and emphasis on
productivity was carried out that helped in turning around the overall performance.
Another focus area was to retain profitable products/brands and discontinue loss-making or
overlapping brands of Ranbaxy. Soon after the closure of the deal, Sun looked at each and
every product and its customers, from a profitability point of view. In September 2015, it
entered into a Rs 165-crore deal with Strides Arcolab to sell 'Solus' and 'Solus Care', the
central nervous system (CNS) divisions inherited from Ranbaxy. As per the July 2015 report
by IMS, a market intelligence firm, these two divisions accounted for Rs 92 crore sales. The
sale was part of efforts to consolidate the CNS business in India. Sun Pharma did a product
by product, customer by customer evaluation across all geographies - the combined entity has
presence in 55 countries - for identifying products that needed to be retained, pushed, or
discarded.
Sun discontinued several unprofitable products in Western Europe with its budget for Europe
for 2015/16 being lower than even its sales in Europe in the previous year. Sun Pharma's aim
was to improve profitability, even at the cost of downsizing and lower sales in the immediate
future.
The combined entity had a large number of manufacturing units, out of which, many of them
were high-cost ones. By closing or divesting them, and getting the job done by increasing
capacity utilisation at other facilities, Sun Pharma optimised capacities as well as costs. For
example, it sold the Bryan (Ohio) unit of Ranbaxy in the US to Nostrum Laboratories and
closed down a unit in Detroit that belonged to its subsidiary Caraco. Additionally, it also sold
two manufacturing units in the states of Philadelphia and Aurora in the US.
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Next, Sun Pharma turned its attention to trade incentives. Instead of the Ranbaxy way of
incentivising the trade heavily, Sun Pharma told sales representatives to focus on generating
more prescriptions, reckoning that it was more sustainable. In order to increase prescriptions,
the sales representatives were asked to increase interactions with doctors. The frequency of
visits, the quality of the sales pitch and training have improved significantly after the
takeover. Right from identifying the right doctor to sharing the relevant information, Sun is
known to have attempted to get the basics right and, thereby, increase sales. This brought a
significant rise in revenues from India. This validated Sun Pharma's belief that the same
team, the same brand, and the same business had the potential to deliver much more.
In terms of cost rationalisation, it was very critical to get more out of 30,000 employees
through optimised performance. Though there had been protests from the unionised sales
representatives that had been inherited from Ranbaxy, Shanghvi still managed to bring about
a uniform work culture in majority of the company's operations and was also able to
significantly reduce the attrition rate in the legacy Ranbaxy division.
9. Post-merger repercussions
- From a combined net profit of Rs 2,283 crore in 2013/14, the year before the
acquisition, the net profit of the two entities more than doubled in the next two years,
14

to Rs 4,539 crore in
2014/15 and Rs
4,716 crore in 2015/16.
- During the April-June quarter of 2016/17, Sun Pharma's revenues from the rest of the
world stood at $84 million, 7.3 per cent less than in the same quarter the previous year.
- Even two years after the merger, Sun Pharma's stock remains subdued primarily because
there was no clarity on how and when it could steer clear of the US FDA-related issues.
- Ranbaxy's acquisition however took a heavy toll on Sun's EBITDA margins. For the
standalone Sun Pharma, EBITDA was 45 per cent in 2013/14 while the figure for the
combined entity was 29 per cent in 2014/15, and almost similar - 28 per cent - in 2015/16.
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- Sales increased by 70% post-merger as shown below:
(Source: Sun Pharma Investor Presentation, 2015)
- Sun Pharma managed to increase their global footprint especially in the Rest of the World
segment
(Source: Sun Pharma Investor Presentation, 2015)
- Field force productivity increased post-merger and to a level above the industry average
16

(Source: Sun Pharma Investor Presentation, Feb 2019)
- Inspite of increase in liquidation of additional shares, the book value / share has
considerable increased. Sun pharma was also able to maintain its EBIT/share at a steady level
post merger despite the under performance of acquired Ranbaxy plants due to USFDA bans
imposed on them.
(Source: Sun Pharma Investor Presentation, Feb 2019)
- Pre-merger the operating margins of Sun pharma were at approximate 40% and that of
Ranbaxy were at 10%. During the time of the merger, Ranbaxy manufacturing plants in India
were blacklisted. As a result, post-merger, the margins and key financial parameter value
declined for Sun pharma. However, its political managerial approach and strategy as
explained above, Sun pharma started witnessing an upward trend.
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(Source: Sun Pharma Investor Presentation, Feb 2019)
10. Conclusion
The null hypothesis Ho is NOT rejected basis the above analysis. Thus, we can conclude that
there is significant difference in performance pre and post-merger of Sun Pharmaceuticals
and Ranbaxy.
The Sun Pharma and Ranbaxy merger proved to beneficial to both the companies. Following
are the benefits of merger:
(i) Turnaround for Ranbaxy
Ranbaxy’s manufacturing had lapsed in quality control and adherence to procedure as per the
United States Food and Drug Administration (USFDA). As a result, the USFDA had
prohibited Ranbaxy from distributing drugs manufactured using active pharmaceutical
ingredients ("APIs")from these facilities, in the United States. The acquisition by Sun Pharma
resulted in a turnaround for the beleaguered Ranbaxy.
(ii) Diverse Product Portfolio:
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A combined firm has a diverse, highly complementary portfolio of specialty and generic
products marketed globally. This way, Sun Pharma got access to Ranbaxy’s new product
pipeline including generic versions of many products.
(iii) Tax Benefits
- To Ranbaxy i.e. Amalgamating Company:
By virtue of section 47(vi) of Income-tax Act 1961, transfer of a capital asset by Ranbaxy
(amalgamating company) to Sun Pharma (amalgamated company) was not treated as a
transfer as all the conditions were satisfied:
i)This deal was treated as amalgamation as per section 2(1B) and
ii) Sun Pharma (Amalgamated company) is an Indian Company
Therefore, Ranbaxy was not liable for Capital Gain Tax on the transfer of its assets to Sun
Pharma.
- To Sun Pharma:
Out of Minimum Alternative Tax(MAT) credit of Rs. 8222.7 million which had been written
down by Ranbaxy during the quarter ended 2014, an amount of Rs. 7517 million has been
recognized by the company, on a reassessment by the management at the year-end, based on
the convincing evidence that the combined entity would pay normal income tax during the
specified period and would be able to utilize the MAT credit so recognized
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References:
1)Investor presentation 2019
https://www.sunpharma.com/sites/all/themes/sunpharma/images/annual/IR%20Presentation
%20February%202019.pdf
2) Investor presentation 2015
https://www.sunpharma.com/sites/all/themes/sunpharma/images/annual/IR%20Presentation
%20Sept%202015%20(USD).pdf
3) Capital Line
https://ezproxy.svkm.ac.in:2229/SiteFrame.aspx?id=1
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lYXJjaE1vZGU9U3RhbmRhcmQmc2l0ZT1laG9zdC1saXZl
5)
https://www.mckinsey.com/~/media/mckinsey/dotcom/client_service/Pharma%20and
%20Medical%20Products/PMP%20NEW/PDFs/
778886_India_Pharma_2020_Propelling_Access_and_Acceptance_Realising_True_Potentia
l.ashx
6) Sun Pharma Acquires Ranbaxy: Post Merger Blues- ResearchGate;
https://www.researchgate.net/publication/311544172_Sun_Pharma_acquires_Ranbaxy_The_
Postmerger_Blues
7) “Painful integration: Sun Pharma sees profit hit as it sets the record straight at Ranbaxy
units”, F. Business, July 21, 2015. http://www.firstpost.com/business/painful-integration-sun-
pharma-sees-profit-hit-sets-records-right-ranbaxyunits-2353660.htmlaccessed on December
15, 2015
5) https://www.sunpharma.com/sites/default/files/annual/2013-14%20SPIL-%20Annual
%20Report.pdf
6) Adapted data from Financial public disclosures of Sun Pharma ( www.sunpharma.com )
7)
http://articles.economictimes.indiatimes.com/2015-09-03/news/66178641_1_ranbaxylaborat
ories-sun-pharma-abc-consultantsaccessed
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