Mankind Pharma to sell stake in Mahananda Spa and Resorts for Rs 530 crore
New Delhi: Drugmaker, Mankind Pharma, has announced the sale of its entire stake in Mahananda Spa and Resorts Private Limited, a Wholly Owned Subsidiary Company to Chalet Hotels Limited for an enterprise value of Rs 530 crore. The proceeds of monetization of non-core assets to be utilized to retire part of its debts.
The Transaction Documents, including the Share Purchase Agreement, etc. will be executed in due course and the transaction will be completed by February 28, 2025.
Mahananda Spa had a turnover of Rs 74.33 crore in FY24, and a networth of Rs 401.35 crore.
Read also: Mankind Pharma transfers OTC business to subsidiary Mankind Consumer Products
Chalet Hotels Limited (“Chalet”) is an Indian Hotel Chain Company founded in 1986 and part of K Raheja Corp Group. Chalet is an owner, developer, asset manager and operator of high-end hotels and a hotel led mixed-use developer across India.
Medical Dialogues team had earlier reported that Mankind Pharma had completed the transaction to acquire Bharat Serums and Vaccines Ltd (BSV), for a consideration of Rs 13,768 crore.
Read also: Mankind Pharma Completes Rs 13,768 Crore Acquisition of Bharat Serums
Founded in 1991 and commenced operation in 1995, Mankind Pharma is a pharmaceutical company engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
Read also: Mankind Pharma secures Rs 50 billion funding for Bharat Serums acquisition
