Shasun Pharma to sell factory in Visakhapatnam

Chennai December 13: 2013: Chennai-based Shasun Pharmaceuticals is in talks with prospective joint venture partners for the sale/transfer of its factory in Visakhapatnam. The company, in a filing with the Bombay Stock Exchange, said the move is subject to the approval of shareholders.

Talks begin

Chief Financial Officer S. Hariharan told Business Line “Whom we are talking with cannot be revealed now, and the percentage of ownership of the factory between the two parties is still under negotiation.” The Active Pharmaceuticals Ingredients manufacturing facility, located in JN Pharma City in Visakhapatnam, has been built at a cost of nearly Rs 130 crore. The land was acquired in early 2007, but the company started building the facility last year.

He said the move to take on a joint venture partner has nothing to do with the political tensions in the region. In October, when protests against bifurcation of Andhra Pradesh escalated, the company had to put off a visit to the factory by top executives.

The company said recently that it has acquired 80 acres near Nellore, Andhra Pradesh, to set up a greenfield factory to bolster its formulations production.THe Hindu