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Wockhardt Refuses To Comment On Formulations Demerger

 
• By Penelope MacRae

Wockhardt has stayed quiet on reports that it is planning to spin off its formulations business into a separate operation and then sell a sizeable chunk of it to cut a massive debt load.

Spinning-Tops
Reports Suggest Wockhardt Is Considering Spinning Off Its Formulations Business • Source: Shutterstock

Wockhardt, one of India’s oldest drug firms, has refused to comment on media reports that it is aiming to demerge its formulations operation and then sell a significant minority stake in the business to reduce a mounting debt pile. The loss-making company said it would not respond to market “speculation.”

“We would like to state that being a responsible corporate, we do not comment on market rumour and/or speculation,” Wockhardt said in a statement to the Bombay Stock Exchange on...

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