Gennex Laboratories Limited to make Deccan Remedies Ltd as subsidiary

After through discussion on all the recommendations of the Audit Committee, board decided to make Deccan Remedies Limited (Deccan) as its Subsidiary Company by acquiring additional 6.73% equity Shares i.e., 836,165 from the Existing promoter Shareholders group and in turn the Company will hold 51% equity shares of the Deccan.

As on date, Deccan is a Debt free entity and is in the process to implement a manufacturing facility where it will manufacture various API's and other allied products - both with expanded capacity of Gennex as well as developing additional products. Upon Implementation, the Deccan Remedies Limited manufacturing facilities will be as per global regulatory standards of all major markets. This strategic expansion will allow Gennex and Deccan to expand their capabilities and Global reach exponentially - both in terms of products offered and markets catered.

Mr. Arihant Baid, Managing Director of the Company represent Gennex (the Company) in the Board of Deccan to manage the Affairs of the Deccan.

Source : Equity Bulls

Keywords

GennexLaboratories Subsidiary Acquisition DeccanRemedies