-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JmWp4QL0p+fQlmdBg+ZV8XwGHyo2FYUDIz/2EvO+ny/cr5rsuF3rIhbzALHmWdPr
 OF01Q/QOPdE5rEz8zHKz/Q==

<SEC-DOCUMENT>0001169232-07-001763.txt : 20070403
<SEC-HEADER>0001169232-07-001763.hdr.sgml : 20070403
<ACCEPTANCE-DATETIME>20070403112140
ACCESSION NUMBER:		0001169232-07-001763
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070331
FILED AS OF DATE:		20070403
DATE AS OF CHANGE:		20070403

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARACO PHARMACEUTICAL LABORATORIES LTD
		CENTRAL INDEX KEY:			0000887708
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				382505723
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		1150 ELIJAH MCCOY DR
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48202
		BUSINESS PHONE:		3138718400

	MAIL ADDRESS:	
		STREET 1:		1150 ELIJAH MCCOY DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48202

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SHANGHVI DILIP S
		CENTRAL INDEX KEY:			0001249644

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31773
		FILM NUMBER:		07742232

	BUSINESS ADDRESS:	
		STREET 1:		1150 ELIJAH MCCOY
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48202

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SUN PHARMACEUTICAL INDUSTRIES LTD
		CENTRAL INDEX KEY:			0001197089
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31773
		FILM NUMBER:		07742233

	BUSINESS ADDRESS:	
		STREET 1:		SPARC AKOTA ROAD
		CITY:			VADODARA
		STATE:			K7
		ZIP:			390020
		BUSINESS PHONE:		01191228212128

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SUN PHARMA GLOBAL INC
		CENTRAL INDEX KEY:			0001197088

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31773
		FILM NUMBER:		07742234

	BUSINESS ADDRESS:	
		STREET 1:		SPARC AKOTA ROAD
		CITY:			VADODARA
		STATE:			A1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>d07-71492_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-03-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000887708</issuerCik>
        <issuerName>CARACO PHARMACEUTICAL LABORATORIES LTD</issuerName>
        <issuerTradingSymbol>CPD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001197089</rptOwnerCik>
            <rptOwnerName>SUN PHARMACEUTICAL INDUSTRIES LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>SPARC, TANDALJA</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>VADODARA, GUJARAT</rptOwnerCity>
            <rptOwnerState>K7</rptOwnerState>
            <rptOwnerZipCode>390 020</rptOwnerZipCode>
            <rptOwnerStateDescription>INDIA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001197088</rptOwnerCik>
            <rptOwnerName>SUN PHARMA GLOBAL INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>AKARA BUILDING, 24 DE CASTRO STREET</rptOwnerStreet1>
            <rptOwnerStreet2>WILKHAMS CLAY 1 ROAD</rptOwnerStreet2>
            <rptOwnerCity>TOWN TARTOLA</rptOwnerCity>
            <rptOwnerState>D8</rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription>VIRGIN ISLANDS, BRITISH</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001249644</rptOwnerCik>
            <rptOwnerName>SHANGHVI DILIP S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SUN PHARMACEUTICAL INDUSTRIES LTD.</rptOwnerStreet1>
            <rptOwnerStreet2>MAHAL IND. ESTATE, MAHAKALI CAVES ROAD</rptOwnerStreet2>
            <rptOwnerCity>ANDHARI (EAST), MUMBIA</rptOwnerCity>
            <rptOwnerState>K7</rptOwnerState>
            <rptOwnerZipCode>400 093</rptOwnerZipCode>
            <rptOwnerStateDescription>INDIA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>X (Non-Executive)</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-03-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1632000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10118014</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8382666</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Series B. Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-03-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1632000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2007-03-31</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1632000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10880000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Series B preferred shares converted into Common Stock on a one-to-one basis and had no expiration date.</footnote>
        <footnote id="F2">These shares are owned directly by Sun Global, Inc., which is a wholly-owned subsidiary of Sun Pharmaceutical Industries
 Limited (&quot;Sun&quot;).  Dilip S. Shanghvi is the controlling shareholder of Sun.  Sun and Mr. Shanghvi disclaim beneficial
 ownership of the reported shares except to the extent of their respective pecuniary interests therein.</footnote>
        <footnote id="F3">These shares are owned directly by Sun.  Dilip S. Shanghvi is the controlling shareholder of Sun.  Mr. Shanghvi disclaims
 beneficial ownership of the reported shares except to the extent of his pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Dilip S. Shanghvi, Chairman and Managing Director, Sun Pharmaceutical Industries Limited</signatureName>
        <signatureDate>2007-04-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Dilip S. Shanghvi, Director, Sun Pharma Global, Inc.</signatureName>
        <signatureDate>2007-04-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Dilip S. Shanghvi</signatureName>
        <signatureDate>2007-04-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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