ICICI Venture effected a leveraged buyout of the allied businesses of Ranbaxy Laboratories Ltd comprising the Animal Healthcare business ("AHC"), the Fine Chemicals business ("FC"), and the Diagnostics business ("DGN). The combined business is now called RFCL. The businesses are among the top 5 in their respective segments in highly fragmented yet growth markets and partnerships around the globe with industry leaders such as Alpharma, Biokit, Fisher Scientific and Mallinckrodt Baker, among others. The Allied Businesses' key strengths lie in their distribution and customer relationships, with the majority of manufacturing outsourced to third parties. RFCL is constructing a multi-product plant in duty free zone in Haridwar.

All three divisions have strong industry dynamics and are uniquely poised to grow through geographical expansion, related business expansion and industry consolidation. FC and Diagnostics are driven by strong growth in domestic pharmaceutical R&D, increasing contract research and manufacturing activity in India and outsourcing of clinical trials to India. AHC is currently driven by strong rural growth and further growth will be aided by consolidation as businesses are in industries which are fragmented.