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Sanofi India declines 2% on sale of Ankleshwar unit

This transaction is subject to shareholders’ approval and the completion of certain conditions as defined under the business transfer agreement.

September 11, 2019 / 12:05 PM IST
 
 
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Shares of Sanofi India declined more than 2 percent intraday on September 11 after the company approved sale of its Ankleshwar unit.

The company board approved a transaction for the slump sale and transfer of its manufacturing facility at Ankleshwar, Gujarat to Zentiva and its legal entity in India, Zentiva Private Limited for a consideration of Rs 261.7 crore, subject to customary working capital adjustments.

This transaction is subject to shareholders’ approval and the completion of certain conditions as defined under the business transfer agreement.

Rajaram Narayanan, Managing Director, Sanofi India said, “Sanofi’s long-term strategy is to focus on manufacturing Sanofi branded products. Given that the two companies share similar values and commitment towards serving patients and their employees, the board of directors of Sanofi India approved this transaction in the long-term interest of all stakeholders."

At 1149 hrs, Sanofi India was quoting at Rs 6,120, down Rs 143.80, or 2.30 percent on the BSE.
Moneycontrol News
first published: Sep 11, 2019 12:05 pm
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