Pharmaceutical major Jubilant Organosys Ltd on Tuesday said it is looking at selling off its non-core business of industrial performance polymers.
“The company is strategically focusing on pharmaceuticals and life sciences products and services business and has identified performance polymers business as a non-core business. Accordingly, the company is preliminarily evaluating for divestment of performance polymers business being non-core to Jubilant. At an appropriate time and price the company will take a decision on such divestment,” Jubilant said in a statement.
The performance polymer business is part of the company’s Industrial and Performance Products Division (IPP). IPP division of the company has reported a revenue of Rs 1,194 crore in the financial year ended March 31, 2009 as against Rs 959 crore in the same period last year. However, the company has experienced a drop in sales in the IPP division in the second half of the last fiscal because of the global economic slowdown.
The performance polymers division of the company comprises business segments such as application polymers, latex, food polymers and consumer products. Jubilant’s share price on the BSE increased marginally to Rs 167.80 on Tuesday compared to Rs 167.55 on Monday.
Source: The Hindu Businessline