Alembic sells Baddi formulations plant to Scott Edil Pharmacia
The sale was announced in a Bombay Stock Exchange (BSE) filing last week. Alembic said the formulations plant was divested on a “slump sale basis,” meaning that Chandigarh-based Scott Edil paid a lump sum.
Alembic – which generated revenue of INR31.34bn ($490m) in the 12 months ended March 31 - also revealed the Baddi plant had made an “insignificant” contribution to its sales in fiscal 2016.
According to its website, Scott Edil Pharmacia operates a manufacturing facility and an R&D facility in Baddi.
Capacity
News of the facility sale comes a few weeks after Alembic inaugurated a drug manufacturing plant in Panelav, Gujarat.
According to Alembic, the Panelav facility will supply international markets with generic drugs.
The firm also said it will cater for domestic demand at a facility it set up in Namthang, Sikkim.
A number of drug companies have set up manufacturing facilities in Sikkim in recent years.
In 2007, the Indian Government said manufacturers which set up in the region before April 2017 would not have to pay taxes on revenues generated by products made there for 10 consecutive years.
Alembic set its plant up in 2014 joining peers Cipla, Sun Pharma, Zydus Cadila, IPCA, Alkem Lab, Intas Pharma, Torrent Pharma and Unichem which all operate facilities in the state.
