Sun Pharma to spin-off domestic formulation business to its WOS

Sun Pharmaceutical Industries has received an approval to spin-off the domestic formulation business of the company on a going concern basis comprising certain assets pertaining to the said business to its wholly owned subsidiary (WOS), Sun Resins & Polymers with effect from March 31, 2012. The board at its meeting held on August 10, 2012 has approved for the same.

However, the above will be effective pursuant to a proposed scheme of arrangement of the Companies Act, 1956 subject to obtaining of approvals from the shareholders, regulatory authorities including the High Court of Gujarat.

Sun Pharmaceutical Industries is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world.