Glenmark plans to divest non-core global assets to reduce debt by Rs 800 cr

Apart from rationalising costs, the company is also aiming to divest some of its non-core global assets as well as bring in a minority investor in to Glenmark Life Sciences

Innovation-focussed drug major Glenmark Pharmaceuticals has indicated that it is looking at divesting some of its non-core global assets, besides getting a minority investor in Glenmark Life Sciences, its bulk drug arm, in an attempt to reduce its net debt levels. The company looks to reduce Rs 700-800 crore of debt during the financial year. 

Mumbai-based Glenmark has also guided for lower research and development (R&D) spend during FY20. Its R&D spend in FY19 was Rs 1,350 crore. 

Its stock prices on Wednesday hit a seven-year low during intraday trade on the BSE, ending the day’s trade at Rs 383.9,