Shasun Pharmaceuticals to sell Vizag unit

Shasun Pharmaceuticals Ltd has announced its plans to sell its unit in Vizag (Andhra Pradesh) unit and is reportedly holding talks with potential buyers. Shasun Pharmaceuticals has informed BSE that the Board of Directors of the company at its meeting held on December 12, 2013, decided to sell/transfer its unit situated at JN Pharma City, Vizag to a joint venture or any other person in any manner as the Board may consider appropriate subject to the approval of the shareholders.
 
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Shasun, a global supplier of development and manufacturing services for intermediates, API and formulations to the pharmaceutical industry, manufactures Active Pharmaceuticals Ingredients (APIs) at JN Pharma City unit, which was built at a cost of nearly Rs 130 crore.