Hyderabad-based Dr Reddy’s Laboratories (DRL) today said it had no plans to sell its domestic formulations business.
“We have no intentions of disposing it off,” Vice-Chairman and Chief Executive Officer G V Prasad said. He was replying to a shareholder’s question at the company’s 26th annual general meeting here today.
Earlier, there were reports that DRL was exploring the option of demerging its domestic formulations business into a separate entity and several multinational drug firms had begun talks to acquire it.
Company Chairman K Anji Reddy said he had ‘nothing to say’ on speculation that the promoters were planning to sell their stake in the company. The promoters have a 25.7 per cent stake in DRL.
Prasad also dismissed a shareholder’s suggestion that DRL should hive off its German subsidiary, Betapharm, which had been a drag for the company. “We firmly believe that Betapharm will turn around and contribute to our growth.”
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