 "Claris Life completes transfer of infusion business to JV")
Claris Lifesciences today said it has completed the transfer of its infusion business in India and emerging markets to the tripartite joint venture 'Claris- Otsuka' for which it had received a total consideration of Rs 1,050 crore.
The Ahmedabad-based firm had executed agreements for a joint venture Claris-Otsuka; with Japan-based Otsuka Pharmaceutical Factory Inc (OPF) and Mitsui & Co Ltd for its infusion business in India and emerging markets, Claris Lifesciences said in a filing to BSE.
As per the terms of agreement, Claris will continue to hold 20% stake in the joint venture (JV) while Otsuka and Mitsui will have 60% and 20% stake respectively, it added.
The Claris-Otsuka is valued at Rs 1,313 crore, Claris Lifesciences said.
As part of the deal, two of the out of the five plants of Claris would be transferred to joint venture firm -- Claris- -Otsuka, the company said.
Claris MD and CEO Arjun Handa had earlier said the partnership with both Otsuka, with its global expertise in the infusions business and their speciality products; and Mitsui with its global trading and financial expertise will add significant value to the JV.
Shares of Claris Lifesciences were today trading at Rs 182 apiece in the afternoon trade on BSE, up 6.12% from their previous close.
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