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Sanofi India Limited to sell Ankleshwar site to Zentiva

Posted On: 2019-09-11 12:04:32

The Board of Directors of Sanofi India Limited (SIL) has approved a transaction for the slump sale and transfer of its manufacturing facility at Ankleshwar, Gujarat to Zentiva and its legal entity in India, Zentiva Private Limited for a consideration of Rs. 2,617 million, subject to customary working capital adjustments. This transaction is subject to shareholders' approval and the completion of certain conditions as defined under the Business Transfer Agreement.

In 2018, as part of a global transaction, Zentiva, which was Sanofi's European generics business, was sold to Advent International.

"Sanofi's long-term strategy is to focus on manufacturing Sanofi branded products. Given that the two companies share similar values and commitment towards serving patients and their employees, the Board of Directors of Sanofi India Limited approved this transaction in the long-term interest of all stakeholders." said Rajaram NARAYANAN, Managing Director - Sanofi India Limited.

The Ankleshwar site is Sanofi India's oldest manufacturing facility where brands like Combiflam®, Allegra® and Amaryl® are made. The production of these iconic brands will now be moved to the Company's Goa site and external manufacturing sites as well.

Shares of Sanofi India Ltd was last trading in BSE at Rs.6271.3 as compared to the previous close of Rs. 6178.75. The total number of shares traded during the day was 209 in over 158 trades.

The stock hit an intraday high of Rs. 6297.85 and intraday low of 6150. The net turnover during the day was Rs. 1301421.


Source: Equity Bulls

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