Dai-Ichi Karkaria Ltd has signed the Business Transfer Agreement (BTA) for the transfer of the company's Hyderabad business as a going concern on a slump sale basis into a new Joint Venture company, namely Inogent Laboratories Pvt Ltd (Inogent), on October 14, 2005.
Simultaneously, a Joint Venture agreement has also been signed between the company and GVK Biosciences Pvt Ltd (GVK) whereby the company will have a 20 per cent equity stake in Inogent with the balance being held by GVK and its associates.
Inogent would be engaged in the business of APIs, Process Chemistry, CustomSynthesis of NCEs and Custom Manufacture for Chemical entities.
These developments have taken place as per the Memorandum of Understanding (MoU) signed by the company with GVK on May 10, 2005.