Glenmark to transfer assets to GGL for Rs 698 cr

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New Delhi, Jan 1: Leading drug maker Glenmark Pharmaceuticals Ltd today said it plans to transfer its domestic active pharmaceutical ingredients and generics formulations business along with other assets to Glenmark Generics Ltd (GGL), a subsidiary of the company, for Rs 698 crore.

''We plan to transfer by way of sale, lease or otherwise, its domestic active pharmaceutical ingredients and generics formulations business related there to and pertaining to the operations of the company at its plants in Goa, Ankleshwar, Kurkumbh and Mohol and all the employees of the said business, to GGL for a consideration not less than Rs 698 crore,'' a company statement said.

The transfer would also include all land, building, plant and machinery, brands, trademarks and other assets, it added.

UNI

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