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Wockhardt sells IV fluid business to Baxter India

Our Bureau

NEW DELHI, March 6

AS part of its restructuring, Wockhardt Life Sciences Ltd today announced that it has divested its intravenous (IV) fluid business to Baxter India Pvt Ltd, a subsidiary of Baxter Healthcare International Inc, US, for a consideration of Rs 195 crore.

Wockhardt Life Sciences is the market leader in the IV fluids segment in the country.

Mr Habil F. Khorakiwala, Chairman, Wockhardt group, said in a statement: "In the last few years, Wockhardt has been in the process of restructuring its business to focus specifically on pharmaceuticals and biotechnology. Wockhardt is fully committed to creating a globally competitive pharmaceutical business.''

Mr Carlos Del Salto, Senior Vice-President, Intercontinental/Asia, Baxter World Trade Corporation, said: "India is a strategic market for Baxter's expansion plan in Asia and this acquisition catapults Baxter into a significant position in the critical care market in India.''

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