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Pfizer to sell Thane Plant for 178 crore

Pfizer to sell Thane Plant for 178 crore

Drug firm Pfizer is reported to have entered into a business transfer agreement to sell off its non-production plant at Thane to Vidhi Research and Development LLP. The deal is valued at Rs 178 crore. As an immediate step forward, the deal also includes the transfer of all current workman to the Vidhi Research.

In July earlier this year Pfizer has hinted at this development as the 50 year old Thane plant has undergone no activity (production) since 2013.

Indicative of the business transfer agreement, the Pfizer plant which employed 212 workers, had also offered a voluntary retirement scheme (VRS) last year. This was taken up by as many as 132 workmen, as reported by PTI.

In a BSE filing, Pfizer said, “It has entered into a Business Transfer Agreement (BTA) for the transfer of the company’s business at the Thane plant as a going concern to Vidhi Research and Development LLP in accordance with the terms of the agreement for a lump sum 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,” the filing said.

In July, Pfizer announced that it will close its over 50-year old Thane plant from September 16, 2015, which was lying idle since 2013.

“The decision to close the site is based on an assessment of its long-term viability and its ability to achieve the needed production. There has practically been no production activity at this plant since 2013,” a Pfizer spokesperson had said.

The Thane plant was commissioned in the 1960s. It supplied drugs to both domestic and international markets.

Source: PTI
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