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Dr Reddy's sells Goa plant to US co Friday, 16 December , 2005, 18:13 New Delhi: Hyderabad-based pharma major Dr Reddy's Laboratories has sold off its manufacturing plant in Goa to US pharma company Watson Pharmaceuticals Inc for an undisclosed sum. "We have signed an agreement to this effect with Watson Pharma sometime back," a company spokesperson told PTI from Hyderabad confirming the development. |Read more Finance news.| The financial details cannot be shared because of the confidentiality clause, the spokesperson said, adding that the USFDA approved site at Goa was used for manufacturing generic solid dosages formulations for export to the US market. The company's move to sell off its Goa plant is a part of its strategy to reassess formulations manufacturing keeping the taxation strategy in mind. "We have a new plant coming up at Baddi, which would absorb the capacity of the erstwhile Goa plant," the spokesperson said, stressing that selling of the Goa would not affect its productions. -------------------------------------------------------------------------- | Goa - 2005 Santosh Trophy Champions | | | | Support Soccer Activities at the grassroots in our villages | | Vacationing in Goa this year-end - Carry and distribute Soccer Balls | --------------------------------------------------------------------------
