Goa Antibiotics and Pharmaceuticals Ltd.(GAPL) is now being taken over by the pharma business of the state capital-based HLL Lifecare Limited (HLL), a mini-ratna public sector enterprise of the ministry of health and family welfare, the company acquiring 74 percent equity.
Under the agreement, HLL proposes to expand this facility for diversifying its pharma portfolio. HLL would be retaining all the existing 205 employees of GAPL.
"The acquisition of majority stake in GAPL shows HLL's intent and seriousness to expand its footprints in the country's booming pharma sector in a substantial manner," said M. Ayyappan, CMD of the company.
"HLL wishes to strengthen its pharma segment through similar acquisitions. It is also in tune with our diversification plans across the health segment," he said.
HLL has already made its presence felt in the pharma industry by offering a basket of women's healthcare products.
It has a strong distribution network, reaching out to over 30,000 medical professionals and over 3,500 hospitals in the country.
Through its retail medicine networks in AIIMS, New Delhi, and Haryana, HLL provides 147 generic medicines.
HLL has set up a state-of-the-art hormonal formulation plant in Belgaum, Karnataka. It also has pharma production facilities in Belgaum and Indore.
The Goa cabinet, chaired by Chief Minister Manohar Parrikar, Wednesday had approved a proposal to disinvest 74 per cent equity stake of the state-owned GAPL in favour of HLL.