Ciba exits India joint venture

01 April 2009 23:45  [Source: ICIS news]

NEW DELHI (ICIS news)--Ciba India has divested its 51% stake in Virchow Drugs Pvt Ltd (VDPL), ending its specialty chemicals joint venture (JV) with India’s Virchow Group, Ciba said on Wednesday.

Ciba said it sold its stake for Indian Rupees(Rs)42.7m ($839,000 or 629,000). The company acquired the stake for Rs83.26m in June 2006.

VDPL manufactures triclosan, an antimicrobial ingredient in toothpastes and other personal-care products, at Hyderabad in Andhra Pradesh.

Ciba said demand for triclosan was declining and its anticipated new applications had not borne fruit. This had adversely affected the operations of VDPL, thereby necessitating its exit.

($1 = Rs50.87 = €0.75)

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By: Naresh Minocha
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