SPIC plans to sell tissue culture business

The company had earlier discontinued operations at its pharma formulations manufacturing unit

Southern Petrochemicals Industries Corporation (SPIC) Limited is planning to exit from the business of production and sale of tissue culture by selling the business.

The company has today informed the National Stock Exchange that the Board of Directors of the Company has in-principle "approved the proposal of exiting from the business of production and sale of Tissue Culture by sale of the said Business."

The company, whichd has been going through asset reconstruction, has earlier discontinued operations at its pharmaceutical formulations manufacturing unit in Tamil Nadu.