November 8, 2009 / 7:50 AM / 10 years ago

Jubilant says to sell off unit by March - chairman

NEW DELHI (Reuters) - Drugmaker Jubilant Organosys expects to sell off its performance polymers business by end March, its chairman said on Sunday.

In October, Jubilant said it would hive off the unit, which has annual sales of about 1.5 billion rupees, as it plans to focus on its core pharmaceutical business.

“There is a lot of interest shown by both Indian and multi-national companies,” Shyam Bhartia told Reuters on the sidelines of the World Economic Forum’s India Economic Summit.

Bhartia delined to name any of the suitors. Kotak is advising Jubilant on the deal and Bhartia said they would put a price on the unit by December.

Reporting by C.J. Kuncheria; Editing by Alistair Scrutton

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