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Business News/ Industry / Manufacturing/  Pfizer withdraws notice to shut Thane plant
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Pfizer withdraws notice to shut Thane plant

Pfizer has entered into a business transfer agreement to sell the plant as a going concern to Vidhi Research & Development LLP

Pfizer’s Thane plant, which employed 212 workers, had earlier offered a voluntary retirement scheme (VRS) last year. Photo: BloombergPremium
Pfizer’s Thane plant, which employed 212 workers, had earlier offered a voluntary retirement scheme (VRS) last year. Photo: Bloomberg

New Delhi: Drug firm Pfizer Ltd has withdrawn its notice to close its Thane plant as it has entered into an agreement to sell the facility as a going concern to Vidhi Research and Development LLP. “The company has intimated the concerned authorities that it has withdrawn its notice dated 15 July 2015, whereby it had intended to effect closure of its plant situated at Thane Belapur Road...Navi Mumbai...," Pfizer said in a filing to the BSE on Thursday.

This was done as the company has entered into a business transfer agreement to sell the plant as a going concern to Vidhi Research & Development LLP, it added. In a regulatory filing on Wednesday, Pfizer had said that it has entered into a business transfer agreement to sell its Thane plant for a consideration of 178 crore. “Upon the conclusion of the BTA, all current workmen at the Thane Plant shall be transferred to the buyer so as to facilitate manufacturing operations," it had added.

The plant, which employed 212 workers, had earlier offered a voluntary retirement scheme (VRS) last year. This was taken up by as many as 132 workmen while 80 workman had remained. Shares of Pfizer on Wednesday closed at 2,569, down 0.16% per scrip on the BSE.

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Published: 24 Sep 2015, 06:54 PM IST
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