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Pfizer withdraws notice to close Thane plant

In a regulatory filing Wednesday, Pfizer had said that it has entered into a business transfer agreement to sell its Thane plant for a consideration of Rs 178 crore.

September 24, 2015 / 04:57 PM IST
 
 
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Drug firm Pfizer has withdrawn its notice to close its Thane plant as it has entered into an agreement to sell the facility as a going concern to Vidhi Research and Development LLP.

"The company has intimated the concerned authorities that it has withdrawn its notice dated July 15, 2015, whereby it had intended to effect closure of its plant situated at Thane Belapur Road...Navi Mumbai...," Pfizer said in a filing to the BSE today.

This was done as the company has entered into a business transfer agreement to sell the plant as a going concern to Vidhi Research & Development LLP, it added.


In a regulatory filing yesterday, Pfizer had said that it has entered into a business transfer agreement to sell its Thane plant for a consideration of Rs 178 crore.

"Upon the conclusion of the BTA, all current workmen at the Thane Plant shall be transferred to the buyer so as to facilitate manufacturing operations," it had added. The plant, which employed 212 workers, had earlier offered a voluntary retirement scheme (VRS) last year.

This was taken up by as many as 132 workmen while 80 workman had remained. Shares of Pfizer were today closed at Rs 2,569 per scrip on BSE.

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