ockhardt is talking tough with banks that have unilaterally terminated their forex contracts with the company ahead of schedule. These are large forei
Mr Khorakiwala also said that Wockhardt would be divesting more of its non-core assets in 3-6 months. “We will also consolidate our business. This, however, will not impact either our topline or bottomline. In fact, we see profitability improving,” he said.
At present, over 70% of Wockhardt’s turnover is from its international operations and sales. The company is also believed to be looking for a buyer for its Irish facility Pinewood and its French subsidiary Negma Laboratories, though Mr Khorakiwala declined to comment on the issue.
Quashing speculations that it was looking at selling its hospital business, Mr Khorakiwala said that the company was in discussions with various players to sell a minority stake in Wockhardt Hospitals. “We are in talks with a number of strategic investors, including Fortis Healthcare, for our hospital business. We will retain majority stake,” he said. “We are also looking for partners for our biotech business, but that will take 12-18 months,” he added.
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