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Solvay Pharmaceuticals on Monday attained 4.91% equity in its Indian subsidiary . Solvay currently holds a 64% equity in the Indian subsidiary. Recently, the Supreme court had given its permission to buy the additional equity from the Datla family members. With this share purchase, Solvays holding in the Indian arm has moved up to 68.85%. The Solvay Pharma share was down 1.3% on the BSE at Rs 501 on Monday. In 1999 , Solvay Pharma had signed a scheme of arrangement with the two principal promoters of Duphar- Interfran to split the company into two - Pharmaceutical business division and a chemical unit. The Pharma business was taken over by Solvay Pharma under the name Solvay Pharma India , while the chemical business remained with the promoters of Duphar- Interfran. Solvay-Pharma has agreed to to purchase a 4.91% stake which was held by Renuka Datla and Vijay Kumar Datla in Solvay Pharma India and the two promoters would exchange their respective share holdings. Due to difference of opinion among the promoters of DIL and Solvay Pharma earlier ,the final share transfer agreement was yet to conclude. Solvay Pharma has a presence in therapeutic areas like cardiology, psychiatry, and gastroenterology. Recently, the company had undertaken a brand restructuring exercise by divesting products, which do not match its business strategy. The company has sold its leading cough and cold brand Karvol Plus to Indoco Remedies for Rs 5.5 crore.
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| Posted : 10/13/2005 |
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