Ranbaxy Fine Chemicals is close to acquiring Wipro Biomed. Sources close to the development confirmed that a deal could be signed between the parties shortly. However, the deal size could not be ascertained.

RFCL managing director Sushil Mehta declined to comment. "As a policy, we do not comment on speculation." Same was the response from Wipro. Mehta added that RFCL would make a public announcement on any material development, if any, at an appropriate time.

Wipro Biomed, the country's only integrated biomedical company, is engaged in providing health and life science services. A part of Wipro, it has three businesses - life science, diagnostic systems and medical systems. The company has been in the business for over 15 years and has 2,000 customers.

ICICI Ventures, the largest domestic private equity fund, purchased the allied businesses of Ranbaxy comprising the animal healthcare, fine chemicals and diagnostic businesses last year in a leveraged buy out deal. The new entity now called RFCL.

"The RFCL businesses are among the top five in their respective segments in the highly fragmented but growth markets, and have partnerships around the globe with industry leaders such as Alpharma, Biokit, Fisher Scientific and Mallinckrodt Baker," RFCL said in its website. RFCL is constructing a multi-product plant in a duty-free zone at Haridwar.

Industry experts said the RFCL businesses are based on strong industry dynamics and are poised to grow through geographical expansion, related business expansion and industry consolidation.