An INR202.3 million ($3.2 million) offer for a 28% stake in India's Zenotech Laboratories by Sun Pharmaceutical Industries is "fair and reasonable," according to a special committee named by the target company to evaluate the proposed transaction. The open offer was triggered by Ranbaxy Laboratories' stake in Zenotech, which detailed the move in a notice to the Bombay Stock Exchange this week. Sun bought Ranbaxy in March, making it India's largest drug maker. In addition to Ranbaxy's stake, Sun holds an additional 46.85% of Zenotech, while Japan's Daiichi Sankyo owns 20%. Release (PDF)