Up for grabs
Two strong contenders to acquire Narmada Gelatines are Bharti Healthcare and Sterling Biotech. If the deal with Bharti Healthcare takes place then Narmada's production advantage will be difficult to evaluate due to part captive usage. Although Bharti Healthcare has expertise in gelatine capsules manufacture, yet the gelatine manufacturing business will be a whole new ball game for it. Compared to this Sterling Biotech has over a decade's experience in the gelatine manufacturing industry and has been able to maintain a high operating margin of 47% against that of 10% for Narmada Gelatines