The board of directors of Wyeth, which met on May 9, 2005, cleared a proposal to close the company's manufacturing facility at Atul, Valsad, and Nashik after all employees opted for VRS.According to a release issued by the company to the BSE today, the board has approved the assignment by the company of its leasehold interest in the Nashik land and the vacant buildings and structures standing thereon to Mahindra & Mahindra (M&M) for a consideration of Rs 2.50 crore.The board also approved a proposal to enter into a new transaction with John Oak Remedies for sale of Forhan's brand and the grant of a non-exclusive license of the know-how for manufacture of Forhan's toothpaste and toothpowder for a consideration of Rs 3.60 crore, the release added.
