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Jubilant Organosys plans to sell part of biz - report

MUMBAI (Reuters) - Chemicals and drugs maker Jubilant Organosys Ltd plans to sell a part of its industrial and performance products division, eyeing 3-3.50 billion rupees from the sale, the Economic Times said on Tuesday.

The company has decided to spin off its consumer products and application polymer businesses, which generated annual sales of about 2 billion rupees, the report said citing an unidentified source privy to the development.

A company spokeswoman declined to comment.

“There have been preliminary proposals of interest from domestic and international companies,” the paper quoted the source as saying.

The spin off will be part of Jubilant’s strategy to focus on its pharmaceutical business and the funds from the sale will be used to expand this business and also to retire some of its 35 billion rupee debt, the report added.