Pharmaceutical manufacturing firm Granules India said on Thursday it will divest its entire equity shareholding in Granules OmniChem (GOC) by selling its stake to the joint venture partner.
GOC is an equal joint venture between Granules India and S A Ajinomoto Omnichem NV (now doing business as Ajinomoto Bio-Pharma Services), an integrated contract development and manufacturing organisation. The manufacturing facility of this joint venture entity is located in Visakhapatnam.
"The proposed divestment of our 50 per cent stake in the joint venture aligns with our focus on strengthening our core area of business," said Granules India Chairman and Managing Director Krishna Prasad Chigurupati.
"With this transaction, Ajinomoto Omnichem will take over full control of the contract research and manufacturing services (CRAMS) business. I believe this is a win-win situation for both the companies as we continue to build upon our business model based on our area of concentration," he said in a statement.
Granules India produces finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients. It has six manufacturing facilities in India, one in China and one in the United States.
.