Parenteral Drugs to sell unit to Fresenius Kabi

Parenteral Drugs today said its subsidiary, Goa Formulations has entered into an agreement with Fresenius Kabi India to sell its pharmaceutical manufacturing unit at Goa for Rs 200 crore.

"One of the wholly-owned subsidiaries of the company Goa Formulations has executed an agreement with Fresenius Kabi India to sell its only pharmaceutical manufacturing unit at Goa at a consideration of Rs 200 crore, and the agreement has become binding on the parties," Parenteral Drugs said in a filing to the BSE today.

Further, the company said Parenteral Drugs has also accorded its consent to the transaction as the holding company. Shares of the company ended the day 7.08 per cent lower at Rs 110.30 on the BSE. Fresenius Kabi India is a subsidiary of Fresenius Kabi AG Germany.