Granules India To Divest Its Stake In Its Joint Venture Located In India
Granules India Limited had announced its intention to divest its entire equity shareholding in Granules OmniChem Private Limited (GOC) by selling its stake to its joint venture partner. GOC is an equal joint venture between Granules India Limited and S.A. Ajinomoto Omnichem N.V. (now doing business as Ajinomoto Bio-Pharma Services), an integrated contract development and manufacturing organization. The manufacturing facility of this joint venture entity is located in Visakhapatnam, India. Conclusion of this transaction is subject to fulfilment of certain closing conditions as well as customary government approvals.
”The proposed divestment of our 50% stake in the joint venture aligns with our focus on strengthening our core area of business. With this transaction, S.A. Ajinomoto Omnichem N.V. will take over full control of the CRAMS business. Through this deal we would like to extend our support to our joint venture partner for their business plan to integrate their small and large molecule businesses which in turn strengthens their business operation and client relations. I believe this is a win~win situation for both the companies as we continue to build upon our business model based on our area of concentration.” said Mr Krishna Prasad Chigurupati, Chairman and Managing Director, Granules India Limited.