Gulf Oil Corp, a Hinduja Group company, has agreed to sell its pharmaceutical arm, IDL Specialty Chemicals Ltd, to biotechnology company Biocon Ltd for an undisclosed amount. IDL mainly makes active pharmaceuticals ingredients (API), the basic raw material used in the manufacture of medicines.
Both companies made filings to the Bombay Stock Exchange on Wednesday announcing the deal. The acquisition is subject to closing conditions detailed in the said agreement.
Last year, Biocon acquired 71 per cent equity interest in AxiCorp GmbH of Germany through its wholly owned subsidiary company Biocon SA, Switzerland.