Mumbai: Cadila Healthcare Ltd will transfer its India human formulations business to its wholly-owned subsidiary Zydus Healthcare Ltd on a slump sale basis for Rs69.3 crore.
“The India human formulations business of the group is being consolidated into one entity, namely Zydus Healthcare, which would bring more focussed and concentrated efforts to grow the respective operations of both the companies,” Cadila Healthcare said in a stock exchange filing.
As part of the scheme, the India human formulations business, including a manufacturing plant at GIDC, Ahmedabad and pharmaceutical technology centre in Ahmedabad will be transferred to Zydus Healthcare. However, the strategic business unit of biologics will not be transferred.
Cadila Healthcare’s India human formulations business had turnover of Rs1,371.2 crore in 2015-16, accounting for 21% of the company’s total turnover.