Glaxo to sell Agrivet to Virbac for Rs207cr

 According to an official release issued to the BSE today,  the board of the company approved the sale of the Agrivet Farm Care undertaking to Virbac Animal, a subsidiary of Europe-based Virbac SA.

 The proposed divestment of AFC would transfer all rights and obligations of Glaxo in the undertaking, including the services of about 240 employees to Virbac, the release said.

 "The divesting of the AFC business is in the best interests of all stakeholders. We are pleased to say that Virbac meets both these requirements, given their entrepreneurial culture and their commitment to the future of AFC employees," Kal Sundaram, managing director of GSK, said.

 With a market share of over 10%, AFC markets a large range of products in the cattle segment, for usage by veterinarians and breeders. Virbac intends to broaden AFCs product offering with inclusion of products from its own portfolio.