Financial Daily from THE HINDU group of publications
Friday, Oct 14, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 14, 2005 |
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Corporate
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Mergers & Acquisitions Sterling Biotech set to buy Torrent Gujarat facility for Rs 55 cr Our Bureau
Mumbai , Oct 13 STERLING Biotech Ltd has entered into an agreement to buy Torrent Gujarat Biotech's manufacturing plant in Gujarat for Rs 55 crore in an all-cash deal. This will be Sterling's second acquisition of a production facility in two years. Sterling has entered into an MoU with Torrent Gujarat Biotech to purchase the manufacturing facility at Masar in Gujarat, both companies told the BSE on Thursday. Last year, Sterling had acquired a plant from Rallis for Rs 47 crore. Mr Nitin Sandesara, Chairman and Managing Director of Sterling Biotech, told Business Line that the company would use the acquired facility to manufacture specialised gelatin derivatives such as fish gelatin and hydrolysed gelatin, and fermentation-based nutraceuticals such as Co-Enzyme Q 10. These gelatin derivatives and nutraceuticals have been developed by Sterling for its existing customers, which are drug and nutraceutical companies in the Fortune 500 list, he added.
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