Japan’s Tosoh Corporation and Singapore-based Tosoh Asia have acquired Lilac Medicare, an Indian in vitro diagnostics company which manufactures and sells medical devices and reagents.
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The transaction did not require Foreign Investment Promotion Board approval following the notification of press note 2 of 2015 by the Department of Industrial Policy and Promotion, which excluded medical devices from the definition of “pharmaceuticals”.
J Sagar Associates advised Lilac Medicare on the sale. The team included partner Sidharrth Shankar, senior associate Shantanu Jindel and associates Prakriti Jaiswal and Priyam Singh.
Rajani Singhania & Partners advised the Tosoh group. The team comprised partners Reena Grover, Tejasvini Shirodkar, principal associate Ankur Singhania and associate Pearl Boga.
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