Mumbai: A recent report has discovered that US-based Mylan Inc, Mukesh Ambani’s Reliance Pharmaceuticals and Ranbaxy Laboratories may place a proposal for Shasun Chemicals and Drugs Ltd’s active pharmaceuticals ingredients (API) division.

In the former round, both worldwide and India-centered private equity funds including ChrysCapital have also shown their attention in the bulk drugs dealing worth about Rs 4 billion.

Vimal Kumar, Shasun’s wholetime director said, “There is no truth in this.”

A Ranbaxy spokesman refused to make any statement.

The report said that Chennai-based Shasun had also roped off a Mumbai-based banker and may be looking to sell the division for about 160 rupees each share of the de-merged unit.

Shasun’s bulk drug business that comprises gabapentin, nizatidine, ibuprofen and ranitidine, accounted for almost half of the company’s revenue last year, the paper added.