Ranbaxy may sell Irish unit for euro 25-35mn

 Sources familiar with the development said the company has roped in Merrill Lynch  to find a buyer for its Ireland unit. When contacted, company officials declined to comment saying: "We have decided to divest the manufacturing facility in Ireland and cannot specify details."

Ranbaxy's Ireland unit creates products for the Irish and the UK markets besides serving as a gateway to the EU.

According to sources, Ranbaxy had generated revenue of euro 12 million from the Ireland unit last year. It currently employs about 80-90 people and holds over 100 marketing licences issued by the Medicines and Healthcare products Regulatory Agency (MHRA) for sale of products in the UK and over 50 marketing licences issued by the Irish Medicine Board for sale in Ireland.

Ranbaxy decided to sell its Irish unit following the acquisition of Terapia in Romania where it plans to consolidate its European manufacturing operations.