Godrej to hive-off medical diagnostics arm

FMCG major Godrej Industries today said it has signed an agreement to transfer its medical diagnostics division to ICICI Venture-backed RFCL for an undisclosed amount.

The transfer would be effective from the closure of working hours of the company on December 31, 2007, Godrej Industries said in a communique to the Bombay Stock Exchange.

Earlier, on November 26, the sale of the medical diagnostics division had been approved by its board, the company informed.

Pursuant to it, the shareholders, at their meeting held on December 28, had given their approval for the sale of the diagnostics arm.

The transfer would be done in parts on a going concern basis.

RFCL provides vitro diagnostics, animal health care, laboratory solutions and custom synthesis through its four strategic business units - Diagnova, Vetnex, Rankem and Neosynth.