Unichem Laboratories to now focus on markets abroad

To give shareholders half the proceeds from sale of domestic business to Torrent

Unichem Laboratories would use at least half the net proceeds from sale of its domestic business to reward shareholders. And, use the rest for research & development (R&D) and to expand its international business, Chairman Prakash Mody has said.

“It could either be through a dividend or a share buyback or both. The promoters will not benefit at the cost of other shareholders. The board (of directors) is very clear about it,” Mody said, a day after he concluded a Rs 3,600-crore transaction to sell the domestic formulations business to Torrent Pharmaceuticals.

The seven decade-old Unichem is among the oldest