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JB Chemicals sells Russia biz to J&J for Rs 939 cr

Monday 18th Jul 2011 1253

Mumbai : Mumbai-based JB Chemicals & Pharmaceuticals Ltd (JBCPL) today said it has completed a Rs 939 crore deal to sell its over-the-counter business in Russia and CIS countries to Johnson & Johnson arm Cilag GmbH International.

The company has received nearly Rs 738 crore and an agreed portion of consideration in an escrow account, JBCPL said in a filing to the Bombay Stock Exchange (BSE).

"Effective from today, the Russia CIS (Commonwealth of Independent States) OTC business along with OTC brands now vests in Cilag. The company would now supply the acquired products to Cilag for these markets," it said.

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