Unichem Laboratories Ltd is selling its Indore-based SEZ plant to generic and specialty pharmaceuticals maker Mylan Laboratories Ltd for Rs 161 crore ($26.27 million), as per a stock market disclosure.
"The board of directors of Unichem at its meeting held on February 15, 2013 had approved the sale of Indore SEZ plant to Mylan and members of the company had approved the sale on March 29, 2013 through a postal ballot," the company said in the filing.
Mumbai-headquartered Unichem makes pharmaceutical ingredients and pharmaceutical formulations for various therapeutic areas, including gastro-intestinal, cardiovascular, diabetes, psychiatry, neurology, anti-bacterial, anti-infectives and pain management. It has six drug manufacturing locations across the country.
Founded in 2001, Hyderabad-based Mylan works as a subsidiary of US-based Mylan Inc. The company manufactures and supplies active pharmaceutical ingredients.
Last October, Mylan acquired a Visakhapatnam-based unit from SMS Pharmaceuticals Ltd for $33 million.
This August, Mylan Inc received approval of Foreign Investment Promotion Board, the nodal government body monitoring foreign investment in the country, for its Rs 5,168 crore foreign direct investment (FDI) proposal to finance the acquisition of Agila Specialties Pvt Ltd.
(Edited by Joby Puthuparampil Johnson)