GSK to sell Vemgal plant to Hetero Labs for Rs 180 crore

Written by Ruchika Sharma Published On 2021-04-02T12:14:48+05:30 | Updated On 2 April 2021 12:14 PM IST

GSK to sell Vemgal plant to Hetero Labs for Rs 180 crore

New Delhi: Drug firm GlaxoSmithKline Pharmaceuticals on Wednesday said its board has approved the sale of its manufacturing facility located at Vemgal in Karnataka to Hetero Labs for a consideration of Rs 180 crore.

The board of directors at its meeting held on Tuesday, "approved the sale of the company's business undertaking i.e., manufacturing facility together with the land, plant and machinery, assets, software and equipment located at Vemgal, Karnataka, to Hetero Labs Ltd," the company said in a regulatory filing.

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The transaction is expected to be completed by September 30, 2021, it added.

Consideration received from the sale is Rs 180 crore, the filing said.

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Source : PTI

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751