Mumbai, Feb. 12 :    Mumbai, Feb. 12:  Signalling its exit from the pharma sector, Rallis India Ltd, a Tata group company, today announced that it has sold its pharmaceutical business to Shreya Impex Pvt Ltd for a consideration of Rs 49 crore. The Rallis board met today to approve the 'sale/transfer of its pharmaceutical business', a late evening communiqué said. Over the past three years, the Tata group has been trying to rationalise and streamline its business portfolio through planned disinvestment in non-strategic and non-core businesses. 'In consonance with this strategy, the board of directors of group company Rallis India today approved plans to divest its pharmaceutical business,' the statement said. Earlier, the Tata group sold its stake in Merind India Ltd to Wockhardt. The exit from the pharmaceutical business would strengthen Rallis' balance sheet and enable it to focus on its core strengths in the areas of agrochemicals, seeds and agri-business, the statement added. Shreya Impex is a joint venture company of a Moscow-based non resident Indian Sujit Kumar Singh. The parent company is a leading pharmaceutical marketing and distribution company in Russia which reported a profit of $ 17 million for the financial year 1999-2000 on a turnover of $ 168 million. Shreya Corporation operates in Russia through a network of 29 branches spread across the country and employs 2,300 people. At present, Shreya Corporation is the third largest marketing and distribution company in Russia and is connected with almost all the top pharmaceutical multinational companies of the world. Shreya's Indian operations comprise two outfits set up recently in Mumbai-Shreya Healthcare Pvt Ltd, its manufacturing and domestic marketing company and Shreya Impex Pvt Ltd, its export unit. Between them, the two companies accounted for a turnover of $ 12 million in their first year of operations. The Tata group stated that the sale of Rallis' pharma business was in view of its strong belief that these divestments have strengthened its business focus and enabled it to establish a strong and competitive presence in its seven chosen business sectors-materials, engineering, chemicals, power, communications and information technology, consumer products and services.