Sun Pharma Japan sells its subsidiary to Shinshin Pharma for Rs 24 crore
New Delhi: Sun Pharmaceutical Industries Limited has announced that Sun Pharma Japan sold its entire shareholding in Kayaku Co. Ltd. to Shinshin Pharmaceutical on 1st September 2021 for a total consideration of JPY 353,983 ,400 (around 24 crore).
Thus Kayaku Co. Ltd has ceased to be the subsidiary of the Company.
Shinshin Pharmaceutical is a Japan-based pharmaceutical company with its office at 324 lmaich, Toyama City, Toyama 930-2224 Japan. The buyer does not belong to the promoter/promoter group/group companies, and the transaction does not fall within the purview of Related Party Transactions.
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Kayaku Co. Ltd is a wholly owned subsidiary of Sun Pharma Japan Limited, a step-down subsidiary. The subsidiary company, Kayaku Co. Ltd whose entire shareholding is sold to the Shinshin Pharmaceutical comprised a factory at Tokorozawa and its related assets and liabilities.
Kayaku Co. Ltd is engaged in the business of manufacturing pharmaceutical products for external pharmaceutical companies. The other business of Kayaku Co. Ltd comprising the Saitama Factory and products manufactured there at were carved out of Kayaku Co. Ltd with effect from 1rst September, 2021 and transferred to Sun Pharma Japan Technical Operations Limited, a new subsidiary of Sun Pharma Japan set up for the purpose.
