Gulf Oil Corporation has puts its subsidiary IDL Speciality Chemicals Ltd on the blocks.
IDL Speciality Chemicals incorporated in 1971 as IDL Agro Chemicals Ltd. It manufactures APIs and intermediates for cardiac, anti-depressants, anti-histamines, analgesic and anti-amoebic drugs. It also undertakes contract research in its R&D facility.
Gulf Oil Corporation - a Hinduja Group Company - was formed in 2002 by merging Gulf Oil India Ltd and IDL Industries Ltd. It manufactures industrial lubricants, industrial explosives. It also undertakes mining and infrastructure development contracts.
Earlier in Sept'09, Gulf Oil sold IDL Speciality's bulk pharmaceutical business to Biocon Ltd for an undisclosed amount. The reason for selling of the bulk pharmaceutical business and now IDL Speciality Chemicals is unclear. However, Gulf Oil might be looking to sell its non core assets. IDL Speciality posted a loss of Rs 19.6 Cr for the year ended March'09 as against a loss of Rs 9 Lacs for 2008.
Deals In Pharmaceutical Domain
| Date | Buyer | Target | Size ($ Mn) | Stake |
| Jan'10 | Ranbaxy Laboratories Ltd | Biovel Life Sciences Ltd | 11.00 | - |
| Dec'09 | Hospira Inc. | Orchid Chemicals & Pharmaceuticals Ltd | 400.00 | 100% |
| Oct'09 | Merck Specialities Pvt. Ltd | Bangalore Genei Pvt. Ltd | - | - |
Reference: Business Line
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