Granules India Ltd. will 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. (Ajinomoto Bio-Pharma Services), an integrated contract development and manufacturing organisation.
The manufacturing facility of this joint venture is located in Visakhapatnam. Conclusion of this transaction is subject to fulfilment of certain closing conditions as well as customary government approvals, the company said in a statement.
“The proposed divestment of our 50 per cent 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”, said, Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India.
At 2.50 pm, the stocks of Granules India were trading 2.16 per cent lower at Rs 90.70.