On the 27th of September 2001, the Bombay High Court and the Karnataka High Court approved the merger between SmithKlineBeecham Pharmaceuticals India Ltd and Glaxo India Ltd. The new company was all set to respond to the challenges of the 21st century regarding health care with market leadership in some important therapeutic categories.
The name of the newly formed company was GlaxoSmithKline Plc. This merger would create one of the largest pharmaceutical company in the world. In 2003, according to a survey made by the Business World and the Indian Market Research Bureau, the GlaxoSmithKline Plc. was voted as one of the most respected and popular pharmaceutical Company across India.
The GlaxoSmithKline Plc of Britain captured a 51% stake in Glaxo India and 40% in SmithKline Beecham Pharmaceuticals which was situated in Bangalore, the capital of Karnataka, while Glaxo India was situated in Bombay, the capital of Maharashtra.
The company launched Celex, an anti-infective formulation of clarithromycin which had been manufactured by Abbott India. Glaxo India also produced fluticasone cream and Ventoride. Prospects:
- GSK Pharma's equity would rise up to 893 million rupees.
- GSK Pharma plc, UK's equity stake would also increase.
- The sales and profit amount of the company would reach upto 13.78 billion rupees.
Last Updated on : 29th July 2013