Piramal Healthcare Ltd. (500302.BY) said Friday its founders have agreed not to make generic drugs to sell in India for a period of eight years as part of the company's deal to sell its India-branded generic drugs business to Abbott Laboratories (ABT).

Earlier in the day, Piramal Healthcare agreed to sell the business to Abbott Laboratories (ABT) for about $3.72 billion.

The start of the eight-year period will begin the date the deal closes, which is expected in the second half of 2010.

The founders will not engage in the manufacture and sale of these products in emerging markets either, the Indian pharmaceutical maker said in a statement.

By Rumman Ahmed, Dow Jones Newswires; 91-9845104173; rumman.ahmed@dowjones.com