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Pharmacia clears VRS for Abbott head office staff

Our Bureau

MUMBAI, Oct. 9

THE board of directors of Pharmacia Healthcare on Wednesday approved a voluntary retirement scheme (VRS) for the employees at the head office of Abbott India Ltd in which it holds majority stake.

Early this year, Pharmacia Corporation had bought 51.5 per cent equity of Abbott India from Abbott US for a consideration of $13.5 million. After an open offer, it increased its stake to 75.1 per cent by acquiring 23.6 per cent from the public at Rs 245 per share.

In a notification to the stock exchanges, the company said the scheme would be applicable to all the permanent workmen of the company employed at the head office, who have put in more than 10 years of continuous permanent service or have completed the age of 40 years and the workmen who have not availed of such benefits in the past.

According to the company, all 13 permanent workmen have opted for the scheme and all the applications have been accepted. The total payment towards VRS expenditure would be Rs 1.07 crore.

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