Financial Daily from THE HINDU group of publications
Tuesday, Sep 28, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 28, 2004 |
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Corporate
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Mergers & Acquisitions Merck to sell Taloja plant to Biochem for Rs 10 crore Our Bureau
Mumbai , Sept. 27 MERCK Ltd has agreed to sell its manufacturing plant in Taloja, near Mumbai for an estimated Rs 10 crore. The Taloja plant that was set up in 1973 had about 270 employees when it was closed in March 2003, a company official told Business Line. In a company release to the BSE, Merck said that it had entered into a memorandum of understanding with Biochem Pharmaceutical Industries for the sale of its property at Taloja for a consideration of Rs 10 crore. Further, the company said that the transfer fee payable to the Maharashtra Industrial Development Corporation for transferring the land at Taloja would be borne by it. At the time of closure about 270 employees were with the company, but all of them have taken the voluntary retirement scheme, the company official said. The plant was a multi-purpose facility and manufactured syrups, tablets, injectibles etc. "Over a period of time, the staff were reduced and the plant was closed, since the company decided to outsource its production," the official added.
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