Sanofi delays Slump Sale and transfer of Ankleshwar plant
Gujrat: Sanofi has announced the change in date for the closing of a transaction relating to Slump Sale and transfer of its manufacturing facility of the Company at Ankleshwar, Gujarat.
"This has reference to our letter dated 11th September 2019 wherein we intimated you that the Board of Directors of Sanofi India Limited at its meeting held on 10th September 2019, approved a transaction for the slump sale and transfer of the manufacturing facility at Ankleshwar, Gujarat to Zentiva Private Limited", Sanofi stated in a filing
"The closing of this transaction was subject to the approval of the shareholders by way of postal ballot and certain regulatory approvals as described in the Business Transfer Agreement. It was anticipated that the closing of this transaction will be achieved on or before 31st March 2020 and accordingly expected closing dates were announced in disclosures to stock exchanges and postal ballot notice to the shareholders", It further stated
"The shareholders of the Company approved this transaction by way of postal ballot on 30th October 2019", the company added
"We would like to intimate you that due to a delay in receiving regulatory approvals, the closing of this transaction is not likely to be achieved by 31st March 2020. It is now expected that the closing of this transaction will be achieved during the quarter ending 30th June 2020", Sanofi said