Hyderabad-based drugmaker Granules India Ltd has completed the exit from Granules OmniChem Pvt. Ltd, an equal joint venture with Belgian firm Ajinomoto Bio-Pharma Services.
Granules India said in a stock-exchange filing that it sold its entire stake in the JV for a total consideration of Rs 109.85 crore ($14.5 million).
In August last year, Granules India had decided to divest its holding in the JV by selling the stake to Ajinomoto Bio-Pharma Services.
Krishna Prasad Chigurupati, chairman and managing director at Granules India, had said the divestment was in line with its focus on strengthening its core area of business.
The two companies had formed the JV in 2011 to manufacture active pharmaceutical ingredients (APIs) and intermediates.
Earlier in February, Granules India sold its stake in its Chinese joint venture Granules-Biocause Pharmaceutical Co. Ltd to its local partner Hubei Biocause Heilen Pharmaceutical.
Granules India, founded in 1984, makes bulk drugs, finished dosages, and pharmaceuticals formulations intermediates. Its core molecules are paracetamol, ibuprofen, metformin, guaifenesin, and methocarbamol. It also has a contract research and manufacturing segment, according to its website.
VCCircle reported in November last year that the promoters of Granules India have initiated talks that may see them sell shares to pave way for a new controlling shareholder. The promoters, led by Krishna Prasad Chigurupati, hold a 42.9% stake.