In a bid to clear its debt, Elder Pharmaceuticals is reportedly planning to sell its factories in Maharashtra and Uttarakhand, as well as some real estate. The drug maker is facing a “severe financial crunch” and several executives have quit the firm and its audited financial results for the three months ended 30 June will be delayed.
The firm posted a loss of Rs 46 crore in the March quarter, compared with a loss of Rs 74 crore in the year-ago period. It had a debt of Rs 848 on crore on June 2014, down from the Rs 1,344 crore reported in June 2013.
Elder Pharmaceuticals has around six manufacturing units in India, all as per international standards. Post increasing its stake in Elder Biomeda AD and Neutrahealth PLC, EPL also has access to the manufacturing units of these companies in Bulgaria and Birmingham, UK respectively coupled with distribution network and brands of the same.
