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Jubilant to sell polymers unit by March

Drugmaker Jubilant Organosys expects to sell off its performance polymers business by end-March, chairman Shyam Bhartia said on Sunday.

business Updated: Nov 08, 2009 20:57 IST

Drugmaker Jubilant Organosys expects to sell off its performance polymers business by end-March, chairman Shyam Bhartia said on Sunday.

In October, Jubilant had said it would hive off the unit, which has annual sales of about Rs 150 crore, as it plans to focus on its core pharmaceutical business.

“There is a lot of interest shown by both Indian and multi-national companies,” Bhartia said on the sidelines of the IEC.

Bhartia delined to name the suitors. Kotak is advising Jubilant on the deal and Bhartia said they would put a price on the unit by December.

Bhartia also said Jubilant has earmarked Rs 250 crore for its capacity expansion plans in the current fiscal. “A majority of it would be spent on de-bottlenecking activities while a small portion of it would go for R&D," he said.