JUBILANT TO EXIT NON-CORE BUSINESS BY MARCH

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PHARMA company Jubilant Organosys expects to complete the divestment of its non-core business by the end of this fiscal and is also expanding its US operations. It will now go slow on acquisitions and rather focus on integrating the assets it acquired in the last couple of years, a top company official said.

"The divestment of the consumer products and application polymer division is expected to be completed by March,” Jubilant Organosys CMD Shyam Bhartia said on the sidelines of the World Economic Forum’s India Economic Summit, without divulging details. The company has appointed Kotak Bank as the advisor to sell the two business units whose sales is around Rs 150 crore.

In June, it had been reported that the Delhi-based company was selling these two business units to focus on it core pharma business. The company has also renamed itself as Jubilant Life Sciences. During the last few years, the company spend several millions buying companies in the domestic and overseas market, but none this year. As per the company’s website, it has four companies in the US.

The company said it is investing Rs 250 crore this fiscal on capital expenditure.

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