Drug firm Granules India on Thursday announced divestment of its entire stake in its joint venture firm Granules OmniChem to its JV partner for an undisclosed sum. Granules OmniChem is an equal joint venture between Granules India and SA Ajinomoto Omnichem NV.
“The proposed divestment of our 50 per cent stake in the joint venture aligns with our focus on strengthening our core area of business. With this transaction, SA Ajinomoto Omnichem NV will take over full control of the contract research and manufacturing services (CRAMS) business,” Granules India said in a regulatory filing.
“Through this deal, we would like to extend our support to our joint venture partner for their business plan to integrate their small and large molecule businesses which in turn strengthens their business operation and client relations,” Granules India Chairman and Managing Director Krishna Prasad Chigurupati said.
The manufacturing facility of this joint venture is located in Visakhapatnam.
Conclusion of this transaction is subject to fulfilment of certain closing conditions as well as customary government approvals, the company added.
Source: Economic Times