Unichem Laboratories has received an approval for sale of new formulation manufacturing unit located at Industrial Area, Special Economic Zone, Phase 2, of Tehsil Dhar of the Dhar District in Madhya Pradesh. The board of the company at its meeting held on February 15, 2013 has approved for the same.
The site with an area admeasuring 117,301 square meters along with all assets comprising the formulation unit, will be sold on a slump sale basis to Mylan Laboratories for a total consideration of Rs 160.50 crore.
The above is however subject to execution of a definitive agreement(s) between the company and Mylan, reflecting detail terms and condition for the proposed sale and subject to approval of shareholders through a postal ballot and on receipt of requisite/regulatory approvals.
Unichem Laboratories is engaged in manufacturing formulations, pharmaceuticals and active pharmaceutical ingredients (APIs). The company was promoted by the late Amrut Mody, a pioneer in the Indian pharmaceuticals business.
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