Indoco Remedies Limited has informed the Exchange about Intimation regarding execution of Agreement to Transfer Business with Sunways (India) Private Limited
INDOCO · price
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Indoco Remedies Limited has signed an Agreement to Transfer Business to sell its Ophthalmic Division to Sunways (India) Private Limited on a slump sale basis. The sale covers India and several African territories including Kenya, Tanzania, Cameroon, Congo, Gabon, and others. The consideration is Rs. 110 Crores, subject to adjustments, and the deal is expected to close in about three months subject to conditions precedent. The Ophthalmic Division contributed Rs. 47.79 Crores in revenue (about 3.2% of standalone total revenue of Rs. 1,494.78 Crores) in FY25, and the company has classified it as a non-core therapeutic area. The buyer is a private company, not related to Indoco's promoters, and there will be no change in Indoco's shareholding pattern as a result of the transaction.
This is a small, non-core divestment that frees up Rs. 110 Crores of capital and lets Indoco sharpen focus on its main therapeutic segments. The ophthalmic business being only 3.2% of revenue means limited impact on overall topline, but the sale price implies a healthy valuation multiple that could be received positively by the market.