Granules India has announced divesting its entire equity shareholding in Granules OmniChem (GOC) by selling its stake to its joint venture partner. GOC is an equal joint venture between Granules India and S A Ajinomoto Omnichem NV (now doing business as Ajinomoto Bio-Pharma Services), an integrated contract development and manufacturing organisation. The manufacturing facility of this joint venture entity is located in Visakhapatnam. Conclusion of this transaction is subject to fulfilment of certain closing conditions as well as customary government approvals.
“The proposed divestment of our 50 per cent stake in the joint venture aligns with our focus on strengthening our core area of business. With this transaction, SA Ajinomoto Omnichem NV will take over full control of the CRAMS business. Through this deal, we would like to extend our support to our joint venture partner for their business plan to integrate their small and large molecule businesses, which in turn strengthens their business operation and client relations. I believe this is a win-win situation for both the companies as we continue to build upon our business model based on our area of concentration,” said Krishna Prasad Chigurupati, Chairman and Managing Director, Granules India.