Takeda Pharmaceutical Co, which is in the process of buying Nycomed, is rumoured to be hitting the acquisition trail again, this time in India.

The Economic Times has reported that the Japanese firm has approached the generic drugmakers Cipla and Lupin with a view to buying parts of their businesses. The newspaper says that talks with the latter "have progressed beyond the initial stage", claiming that Takeda is interested in buying Lupin's domestic formulations business, along with its research facility.

ET says that Lupin's owners are unwilling to sell the plant and are insisting on a price that values the company at 17 times revenue, quoting one of the people "close to the negotiations". Lupin, India's fifth-biggest drugmaker, had turnover in fiscal 2011 of around $1.5 billion.

Another source says that preliminary negotiations have been held with the Cipla, India's second-largest drug firm by market share. However, ET quotes Antara Mukherjee, a Cipla spokesperson, as saying that "we are not in talks with anyone either to sell our company or any of its brands".