PE firms queue up for Novartis' Indian arm

The PE firms are up against Dr Reddy's, which has an alliance with Novartis for marketing some of its off-patent products and is also expected to bid. Alkem Labs is also in the fray. Novartis India has a market capitalisation of around ?2,500 crore though bids are likely to value it lower, as per those in the know. Non-binding bids are due later this month.