Business Daily from THE HINDU group of publications
Wednesday, Nov 15, 2006

Cross Currency

Group Sites

Corporate - Overseas Investments
Aurobindo to divest Chinese arm holding

Our Bureau

Hyderabad, Nov. 14

The board of directors of Aurobindo Pharma Ltd has decided to divest its entire shareholding in the China-based wholly owned subsidiary - Aurobindo Tongling (Datong) Pharmaceutical Company Ltd. The board, at its meeting on Tuesday, also decided to acquire Senor Organics Pvt Ltd, a Hyderabad-based profit making and small-sized pharma company into bulk drug intermediates.

The company has informed the stock exchanges that the board has authorised the Managing Director to negotiate and finalise the above deals, subject to statutory compliances. When contacted, a senior company official told Business Line that the company had decided to divest holding in Chinese venture since the venture was incurring losses and operations were not proving remunerative.

The company was in favour of shifting the focus of its global operations more towards remunerative markets such as the US and Europe, he said. The Chinese pharma subsidiary suffered a loss of Rs 6.55 crore on a turnover of Rs 131.01 crore. As on March, the company's total assets stood at Rs 126.98 crore, while the liabilities amounted to Rs 108.85 crore.

More Stories on : Overseas Investments | Pharmaceuticals

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Piaggio set to roll out LCV in January

Zydus files application for obesity drug
HiMedia to distribute VWR products
Carrier India hikes AC prices
Dr Reddy's files prospectus for issue of ADS
`Offshore financing growing 51 pc'
Award for Ion Exchange
Tata's learning experience with acquisition
Going beyond the obvious equation

ICWAI objects to draft guidelines proposals
Tata Sons sells 0.86% in TCS
United Phosphorus buys French co
Bidding discipline in cricket rights
TV 18 acquires Crisil MarketWire
Coal liquefaction: Oil India plans second pilot project
A tale of 2 projects off Kakinada coast
Eco concerns over Jindal project
Sandvik Asia new facility in Hyderabad
OVL-led consortium strikes oil in Iran
HDFC opens London office
Aurobindo to divest Chinese arm holding
5.8 m hits a day at Ministry of Company Affairs portal
Tata Ind in informal talks with RBI
Xenitis Group motorbikes in Jan
Rashtriya Ispat chalks out plan to source iron ore

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line