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JK Ind to sell drug arm to Teva

New Delhi, Aug. 5: JK Industries Ltd, the flagship company of the H. S. Singhania group, today announced the sale of its bulk drug business to the Dutch arm of Israeli drug major Teva Pharmaceuticals. The announcement did not mention a price, but in early July the Foreign Investment Promotion Board (FIPB) had cleared a proposal by Teva Pharmaceuticals, Netherlands BV, to acquire the company at a cost of Rs 40 crore.

R. P. Singhania, managing director of JK Industries, said, “The disinvestment of the pharmaceutical business by JK Industries is part of our strategy to strengthen and focus on our core areas, which are tyre and agri-business.”

JK Industries is already in the process of restructuring the company by hiving off its sugar and agri businesses to independent entities.

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