AstraZeneca to get up to $26.5 mn grant from promoter

First tranche of $14 mn to come in current fiscal even as Indian arm submits full business plan for returning to sustainable profitability

Drug firm AstraZeneca Pharma India today said its Sweden-based promoter -- AstraZeneca Pharmaceuticals AB -- will provide a financial grant of up to $26.5 million (over Rs 140 crore) to the Indian firm over the next three years.

"The promoter, AstraZeneca Pharmaceuticals AB Sweden has decided a voluntary non-repayable financial grant of nearly $22.5 million to 26.5 million over the three years (FY14-FY16) under a subvention agreement," AstraZeneca Pharma India said in a filing to the BSE.

AstraZeneca Pharmaceuticals AB would be provide the first tranche of $14 million (Rs 74 crore) to the Indian firm in the current financial year, it added.

Meanwhile, the AstraZenaca Pharma India management today presented a comprehensive business plan to the company's board for returning to sustainable profitability.

As part of the strategy, the company plans to commence operations at the new tablet facility, the company said.

Further the company wants to further strengthen its brand presence and also increase the effectiveness of its sales force, it added.

Shares of AstraZeneca today closed at Rs 839.15     on the BSE, up 5.43 per cent from their previous close.