JK Industries exits bulk drug business
Wednesday, 06 August 2003, 19:30 IST
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NEW DELHI: JK Industries Limited, the flagship company of the HS Singhania Group, has exited the bulk drug business by selling a wholly owned subsidiary to Israel's Teva Pharmaceuticals, one of the world's largest generic companies. "The divestment of the pharma business by JK Industries Ltd. is part of our strategy to strengthen and focus on our core areas, which are tyres and agribusiness," R.P. Singhania, managing director of J.K Industries Ltd. said in a statement Tuesday, referring to the sale of JK Drugs and Pharmaceuticals Ltd. "With this step, we will be able to concentrate wholly on our key business areas, which will assist us in maximizing our shareholders value," he said. JK Industries is currently in the process of restructuring itself by hiving off its sugar and agribusiness wings to independent entities, which will help the faster growth of each of these businesses, the statement noted.
Source: IANS
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