Piramal Healthcare Ltd will has closed its Huddersfield unit in United Kingdom, the company informed the Bombay Stock Exchange today. The operations in the unit has been stopped as a part of Piramal's "consolidation of global manufacturing assets".
This overseas facility was a catering to custom manufacturing requirements of the company.
According to Piramal, the closure will result in a one time cash cost of approximately Rs 70 crores which will be incurred in the year ended March 31, 2009.
The company believes that the closure of the overseas unit will increase its profitability as India is emerging as a custom manufacturing destination.
The company's shares were trading down nearly three per cent at Rs 188 in the afternoon.
