New Delhi : Drug firm Cadila Healthcare said its board has approved the scheme to hive off its India human formulations undertaking to the company's subsidiary Zydus Healthcare on a slump sale basis.

The sale is for a lump sum cash consideration of Rs 69.3 crore, Cadila Healthcare said in a filing to BSE.

The rational of the scheme is that India human formulations business of the Group is being consolidated into Zydus Healthcare, "which would bring more focused and concentrated efforts to growth the respective operations of both the companies," it added.

There will be no change in the shareholding pattern as business is transferred to a wholly owned subsidiary for cash consideration of Rs 69.3 crore, Cadila Healthcare said.

"The transaction is on the arm's length basis," it added.

The scheme is subject to all statutory and regulatory approvals, Cadila Healthcare said.