The company will transfer its 50% stake in its JV firm, NTPC-Orchid Pharmaceuticals to NCPC for a total cash consideration of USD 13.9 mn.
It is a Budget with a strong emphasis on agriculture, education, healthcare and infrastructure.
K Raghavendra Rao, the promoter and the managing director of Chennai-based Orchid Chemicals and Pharmaceuticals Ltd, has managed to garner the support of large institutional investors to thwart a takeover attempt.Solrex (believed to be a company of the Ranbaxy promoter group), is known to have bought 12 per cent in Orchid so far, which is being seen as the first steps towards a hostile takeover of the company.
Orchid Chemicals and Pharmaceuticals Ltd has entered into a marketing alliance with Australia-based Mayne Pharma, for distribution of select life-saving injectable antibiotic formulations.
Orchid Chemicals and Pharmaceuticals Ltd has entered into an exclusive agreement with Alpharma Inc for marketing its select non-antibiotic generic formulations in the US and Europe.