Sun Pharmaceutical Industries plans to sell a manufacturing facility in Ireland that was owned by Ranbaxy, which has been acquired by the Indian drug major.
The divestment comes on the heels of Sun Pharma Managing Director Dilip Shanghvi saying in August that the company would look at rationalising manufacturing footprint.
“…decisions are being made to either close or divest some of our manufacturing facilities. Currently, the Ireland facility has been identified for divestment,” Sun Pharma spokesperson said in an e-mailed response.
The spokesperson did not comment on details such as the prospective buyer or valuation of the plant.
“In March this year, Sun Pharma successfully completed the merger of Ranbaxy. This has provided an opportunity to optimise overall manufacturing network in terms of capacity, costs and efficiencies,” the spokesperson added.
The company completed the USD 4 billion acquisition of Ranbaxy in March, almost a year after announcing the deal.
Sun Pharma stock was trading at Rs 841.75, up 0.21 per cent, on the BSE.