Wintac hives off oncology products division

The Board of Directors of Wintac Ltdat its meeting held on November 27, 2014, have decided to hive-off trademarks and marketing division for the marketing of the oncology products in order to have complete focus on the core activity of product development and manufacturing activity for the regulated export markets. The size of the oncology division business is relatively small with a sales of Rs 201 lakhs during the previous financial year, contributing about 6.48% to the sales turnover of Wintac Ltd.
 
“The valuation of the oncology division was done on by an independent valuer and as per the valuation report the valuation was arrived at Rs 100.53 lakhs. The business is being sold to Bangalore Pharmaceuticals & Research Laboratory Pvt Ltd, a related party as per the provisions of the Companies Act, 2013. The transaction is on arm's length basis and the sale consideration is Rs 109 lakhs which is more than the valuation of the independent valuer,” said Wintac in a BSE filing on November 27, 2014.