LIC Not to support RANBAXY Takeover of Orchid

Life Insurance Corporation of India the single largest shareholder of Orchid chemicals has announced that it will not support the RANBAXY Takeover of the Existing Management.Life Insurance Corporation of India which has about 7.8% of the Total shares of Orchid Chemicals admitted that it will not support the Hostile takeover of Orchid by Ranbaxy or Solrex Industries.A warhorse officer in Life Insurance Corporation of India told that “As per our Policy,we will not destabilise any existing management and we will never support Hostile Takeovers”.The other 30% stakes owned by other financial corporation also will play a major role in orchid’s Kismet.Mr.Raghavendra Rao the Architect of Orchid who incurred a heavy loss in a sell-off has welcomed LIC’s Decision and said he started the Company not to sell it to others but to make it a Lynch Pin in Chemical Industry