Deals
Indian Tycoons Known for Lucky Timing Find Time In Short Supply
- Singh brothers face legal woes from 2008 sale of Ranbaxy
- Could mean delays of asset sales at their RHC Holding
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India’s Singh brothers are serial entrepreneurs known for pulling off one of the best-timed exits in the annals of Indian business.
In 2008, they agreed to sell their family firm and India’s largest drugmaker, Ranbaxy Laboratories Ltd., to Japan’s Daiichi Sankyo Co. for $4.6 billion -- just months before the U.S. Food and Drug Administration banned imports at two of its Indian plants. That same year the U.S. Department of Justice launched a probe, eventually resulting in a guilty plea by Ranbaxy and a $500 million fine for selling adulterated drugs. The Singhs were not named in the Ranbaxy probe.