All current workmen at the Thane plant shall be transferred to the buyer so as to facilitate manufacturing operations
Pfizer has entered into a business transfer agreement to sell its Thane plant as a going concern to Vidhi Research and Development for Rs 178 crore.
In a BSE filing, Pfizer said that it has entered into a Business Transfer Agreement (BTA) for the transfer of the company’s business at the Thane plant as a going concern to Vidhi Research and Development in accordance with the terms of the agreement for a lump sum consideration of Rs 178 crore.
“Upon the conclusion of the BTA, all current workmen at the Thane Plant shall be transferred to the buyer so as to facilitate manufacturing operations,” the filing said.
In July, Pfizer announced that it will close its over 50-year old Thane plant from September 16, 2015, which was lying idle since 2013.
“The decision to close the site is based on an assessment of its long-term viability and its ability to achieve the needed production. There has practically been no production activity at this plant since 2013,” a Pfizer spokesperson had said.
The plant, which employed 212 workers, had offered a voluntary retirement scheme (VRS) last year. This was taken up by as many as 132 workmen.
The Thane plant was commissioned in the 1960s. It supplied drugs to both domestic and international markets.