Business briefs: Landmark for Cairn India joint venture | GSK
The venture, which is now majority owned by mining giant Vedanta Resources, said revenue in the fourth quarter of its financial year was $727 million (£451m), leading to full-year revenues of just under $2.5 billion.
Rahul Dhir, managing director and chief executive of Cairn India, said: “We continue to add value and to contribute to our nation’s energy security.”
GSK agrees £164m non–core brand sale
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Hide AdDrugs group GlaxoSmithKline has agreed to sell a clutch of international over-the-counter healthcare brands for £164 million to South Africa’s Aspen Pharmacare.
The sale is the latest move by GSK to fine-tune its consumer healthcare business and follows the divestment of other over-the-counter brands in North America and Europe.
The brands being sold generated sales of about £60m in 2011. They include the painkiller Solpadeine and anti-stomach acid drug Zantac. GSK said last year that it planned to dispose of non-core brands.