Sterling Biotech to acquire China facility
In its first overseas acquisition, gelatin-maker Sterling Biotech Ltd is set to acquire China Gelatin Ltd, a gelatin manufacturing facility in China. No financial details were available. The company has been acquiring production facilities in the domestic market including Torrent Gujarat Biotech’s manufacturing plant in Gujarat for Rs 55 crore in an all-cash deal last year. The acquisition of the China facility is in line with Sterling Biotech’s philosophy of focusing on the growth market globally, the company told the Bombay Stock Exchange. It would also help the company tap into other East Asian markets, it added. China is amongst major consumers of gelatin globally. The transaction will be an all-cash deal and will be completed upon receipt of all necessary government approvals relevant to both companies, the announcement said. Sterling Biotech shares were up 16.09 per cent on the BSE at Rs 127.35.
Source:
