India's Unichem plans to sell drug unit to Mylan for $30 mln

MUMBAI Fri Feb 15, 2013 7:22am EST

MUMBAI Feb 15 (Reuters) - India's Unichem Laboratories said on Friday it plans to sell a drug manufacturing plant located in central India to a unit of U.S.-based Mylan for 1.6 billion rupees ($29.7 million).

The deal is subject to the execution of a definitive agreement between the two drugmakers and regulatory approvals, Unichem said in a statement.

Shares in Unichem Laboratories rose 1.04 percent on Friday to 175.55 rupees when the wider Mumbai market fell 0.16 percent.