Pfizer has entered into a business transfer agreement to sell its Thane plant to Vidhi Research and Development for ₹1.78 billion (US$27.4 million). The plant was commissioned in the 1960s and supplied drugs to both domestic and international markets.
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Pfizer reported that the plant had been inactive since 2013. In August 2014, it issued a lockout notice at the plant following labour unrest, indiscipline, threats towards management executives and disruptions on production lines. The company offered its 212 workers at the plant a voluntary retirement scheme, which 132 accepted. It later announced that it would close the plant in September 2015.
The remaining workers will be transferred to Vidhi once the transaction has closed.
Veritas Legal represented Pfizer on the sale. The team consisted of senior partner Abhijit Joshi, partner Nandish Vyas and associates Natasha Sethna and Rebha Dakshini.
Cyril Amarchand Mangaldas led by partner Tushar Mavani represented Vidhi. Partner SR Patnaik provided tax advice.
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