26 February 2001 07:56 [Source: ICIS news]
SINGAPORE (CNI)--Indian pharmaceutical manufacturer Max Group confirmed to CNI Monday it plans to sell nearly all its stake in the penicillin joint venture Max GB to its partner DSM of the Netherlands for an estimated Rs200m ($4.3m/Euro4.7m) but emphasised the companies will need at least a month to formalise the deal.
The transaction would give DSM a controlling interest of 95% in the venture, which is headquartered in Chandigarh and posted sales last year of Rs2bn.
Based in New Delhi, Max Group said it could not elaborate on any more details about the pending transaction. A spokesman said Max has submitted an application that seeks to sell its share in the joint venture to DSM.
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