Financial Daily from THE HINDU group of publications
Thursday, Jan 29, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 29, 2004 |
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Corporate
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Restructuring Pfizer to sell Ankleshwar plant Our Bureau
Mumbai , Jan. 28 AS part of its strategy to rationalise its manufacturing facilities, Pfizer Ltd has entered into an agreement with Anodyne Remedies India Ltd to sell its plant in Ankleshwar, Gujarat for Rs 4.5 crore. This was, however, subject to approval from the Gujarat Industrial Development Corporation, the company told BSE on Wednesday. Pfizer spokesperson told Business Line that the rationalisation was part of the parent company's global strategy to have only one manufacturing facility in every country. Meanwhile, two other manufacturing facilities that have come into the Pfizer stable, through its mergers and acquisitions, are also on the block. Pfizer's Hyderabad plant has been shut down and employees have been given VRS, the official said. The plant belongs to Parke-Davis (India) Ltd, the Indian subsidiary of Warner Lambert Co., the company that had globally merged with Pfizer Inc. Another Pfizer plant that would be put on the block is its plant in Ankleshwar, that is part of the Pharmacia business, the official said.
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