Abbott Laboratories (ABT) Set to Consolidate India Operations
11/28/2012 7:25:11 AM
The $39-billion pharma giant Abbott Laboratories will consolidate India operations under a new leadership , as part of a plan to tap broad operational synergies between the three domestic units, said sources aware of the development. The New York-listed Abbott , which tops India's drug retail market after acquiring Ajay Piramal's domestic formulations business, will soon appoint a new chief executive who will oversee its $1 billion operations spread across three companies—Abbott India , Abbott Healthcare and Abbott True Care. The current heads of these three units—Rehan Khan, Sudharshan Jain and Rajendra Dhandhukia—will report into the new country chief. An internal memo from the global HQ about the impending changes has been communicated to the senior India leadership team. Abbott's proposed revamp is in sync with the single-CEO /country head management structure followed by other multinationals. The Illinois-based behemoth had 6.8% share of the domestic drug retail sales, ahead of the closest rivals CiplaBSE 2.53 % (5.1%) and RanbaxyBSE 1.06 % (4.6%). When contacted , an Abbott spokesperson declined to comment on the matter.