Indoco Remedies has secured Board approval for the sale of its ophthalmic division to Sunways (India) Private Limited for ₹110 crore. The Board meeting held on 30th April 2026 approved the Agreement to Transfer Business (ATB) for the slump sale of the division as a going concern across multiple territories including India and several African nations.

Board Meeting Details

The Board meeting commenced at 05:15 p.m. IST and concluded at 06:30 p.m. on 30th April 2026. The company has informed both the National Stock Exchange of India Limited and Bombay Stock Exchange Limited about the board approval pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transaction Details

The divestment involves the complete transfer of Indoco Remedies' ophthalmic division to Sunways (India) on a slump sale basis. The transaction is subject to fulfilment of certain conditions precedent and is expected to be consummated in approximately three months from the agreement execution date. The territories covered include India, Benin, Burkina Faso, Ivory Coast, Mali, Niger, Mauritania, Senegal, Cameroon, Congo, Gabon, Kenya, Botswana, Tanzania, Zambia, Zimbabwe, and Namibia.

Financial Impact

The ophthalmic division generated total revenue from operations of ₹47.79 crore for the financial year ended 31st March 2025, representing 3.20% of the Company's standalone total revenue from continuing operations. The ₹110 crore transaction consideration is subject to adjustments as per the terms of the ATB.

Sunways (India), the buyer, reported revenue from operations of ₹137.42 crore on a standalone basis and ₹135.59 crore on a consolidated basis for FY 2024-2025. The transaction is not a related party transaction and is being conducted at arm's length.

Management Commentary

Ms. Aditi Panandikar, Managing Director of Indoco Remedies Ltd., commented on the development: "This divestment is an important step in sharpening our focus on core therapeutic areas with stronger potential. We are confident that Sunways will further build on the strengths of the ophthalmic division, leveraging its core competencies across markets."

Mr. Bhadresh Shroff, Director at Sunways (India) Private Limited, stated: "This transaction is aligned with our strategy of strengthening our ophthalmology business through the acquisition of an established operating portfolio. We believe the transferred business offers a strong strategic fit with our existing platform and capabilities."

Strategic Rationale

Indoco Remedies stated that the divestment aligns with its strategy to focus on core therapeutic areas. The ophthalmic division for the specified territories represents a non-core therapeutic area with minimal contribution to overall revenue. The transaction will not result in any change to the shareholding pattern of Indoco Remedies. The proposed slump sale is not being undertaken through a Scheme of Arrangement and does not attract Regulation 37A of SEBI LODR Regulations.

Indoco Remedies Limited has successfully completed a US Food and Drug Administration (US FDA) pre-approval inspection at its testing facility in Chhatrapati Sambhaji Nagar (Aurangabad) with zero Form 483 observations. The company announced this development to stock exchanges on April 13, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Inspection Details

The US FDA conducted the pre-approval inspection over a three-day period, providing a comprehensive assessment of the facility's compliance standards.

Regulatory Significance

The completion of the inspection with zero Form 483 observations indicates that the testing facility meets US FDA standards without any regulatory concerns. Form 483 observations typically highlight deficiencies or areas requiring corrective action during FDA inspections. The absence of such observations demonstrates the facility's compliance with current good manufacturing practices and regulatory requirements.

Corporate Communication

The announcement was made through a formal communication to both the National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The disclosure was signed by Ramanathan Hariharan, Company Secretary & Head Legal, ensuring proper regulatory compliance and transparency with stakeholders.

This successful inspection outcome reinforces the company's commitment to maintaining high-quality standards at its manufacturing and testing facilities, particularly for products intended for the US market.