Serum Institute is not for sale- that's the word from Cyrus Poonawalla, the chairman of the Poonawalla group.
In a free-wheeling conversation with CNBC-TV18's Shereen Bhan, Poonawalla says he hopes he will win the bid for the Sahara Group's Grosvenor House Hotel in London. But he is neither interested in acquiring any of the Sahara Group's US properties, nor in investing in any other properties outside Mumbai or Pune for the moment.
Poonawalla also came down hard on players in the Indian Pharma sector who have fallen foul of regulators like the USFDA. He says these instances hurt the image of the sector on a global scale and is not good for business.
Below is the verbatim transcript of Cyrus Poonawalla's interview with CNBC-TV18's Shereen Bhan.
Q: Will you be bidding for Sahara's US properties?
A: We have no interest at all for the US properties and that is where the decision he will have to make.
Q: Do you feel that you are at a disadvantage right at the start?
A: Yes, definitely disadvantage in the sense that he will have to have three or two buyers that could help him also because he could get individually more money than somebody wanting to make a packet. Really we took more interest in it thought it is not really our core business, because we felt that being Indians we understood the situation of how to deal with the Reserve Bank, Securities and exchange board of India (SEBI) and all that which a foreign buyer may get dissuaded. So I don't know really how it is going.
Q: But how serious are you about this bid because I understand that you made your first offer in the month of April, then you revised the offer upwards and that is on account of valuation or to align your valuation to the valuation that has been arrived at by the Bank of China, how serious are you about this. If you needed to make an even better offer would you consider that?
A: Well we made our first offer on May 19th, not April and we are very serious because it is a very exciting trophy property and it has got huge potential because there is scope in making better utilisation and upgrading it will have to spend money on it. To your question; first we talked about Rs 475 crore and then it went up to Rs 550 crore which is a very fair value. Actually it is a negotiation so I shouldn't say but if it came to a push maybe we would extend ourselves having come so far.
Q: How much would you think you have the appetite to extend yourself?
A: I don't want to say anything at the moment because I have been warned not to say. But there could be even others who may want to join us if we have to stretch ourselves but unless we get a complete, clear, this is it take it or leave it, then only we want to apply mind. There is no point in applying our mind now and coming to various conclusions and unless he says, okay I want to go with you not with the others and this is what I want.
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