Pharmaceutical company Indoco Remedies Ltd has approved the transfer of its ophthalmic business through an agreement to transfer business (ATB) with Sunways (India) Private Limited for a consideration of ₹110 crore on a slump sale basis. According to reports from CNBC TV18, the transaction covers the company's ophthalmic division across India and select international territories, including Benin, Burkina Faso, Ivory Coast, Mali, Niger, Mauritania, Senegal, Cameroon, Congo, Gabon, Kenya, Botswana, Tanzania, Zambia, Zimbabwe and Namibia.
The ophthalmic division generated ₹47.79 crore in revenue in the financial year ended March 31, 2025, contributing 3.2% to Indoco Remedies'* standalone total revenue from continuing operations. As reported by CNBC TV18, the transaction will be carried out as a going concern and is subject to the fulfilment of conditions precedent as specified in the agreement. Completion is expected within around three months.
The buyer, Sunways (India) Private Ltd, is a Mumbai-based private company with a standalone revenue of ₹137.42 crore in FY25 and consolidated revenue of ₹135.59 crore. According to CNBC TV18, the company does not belong to Indoco Remedies'* promoter or promoter group. The transaction is not a related party transaction and will not fall under Regulation 37A of SEBI Listing Regulations. The deal is not being executed through a scheme of arrangement and does not result in any change in the company's shareholding pattern.
Shares of Indoco Remedies Ltd ended at ₹209.05, down by ₹0.15, or 0.072%, on the BSE today, April 30. As reported by CNBC TV18, the consideration of ₹110 crore is subject to adjustments as per the agreement terms, providing flexibility in the final transaction value.
