Glenmark Pharma To Merge Export Subsidiary With Itself

Glenmark Pharmaceuticals is planning to merge its wholly-owned export subsidiary with itself. The move follows the government's announcement in the latest budget to hike dividend tax and phase out export incentives. Earlier, having a separate company for exports enabled Glenmark to take full advantage of these incentives. The profits were entirely repatriated as dividend to the parent company. But with the budget announcements, this is not viable any more. Glenmark's board of directors will meet on 14 May to consider the merger and also declare the annual results.