Hyderabad based drugmaker Aurobindo has acquired the domestic formulation business of another Hyderabad based firm Veritaz Healthcare on a slump sale basis at Rs 171 crore.
Aurobindo said that this marks its first step to set a footprint in the Indian domestic market. At present over 90 percent of Aurobindo's revenues come from the international markets.
Veritaz is promoted by Aurobindo promoter group. Last year Aurobindo and its promoters PV R Reddy, his wife P Suneela Rani and three other entities - Kambam P Reddy, Trident Chemphar Ltd and Veritaz Health Care Ltd — were slapped with a fine of Rs 22.7 crore by Sebi. The penalty was for charges of engaging in insider trading between July 2008 and March