<div><strong><em>By CH Unnikrishnan</em></strong></div><div> </div><div>Pfizer Ltd, the Indian arm of US drugmaker Pfizer Inc, said on Wednesday that it has entered into a business transfer agreement (BTA) for the transfer of its manufacturing facilities located in Thane, Maharashtra, to Ahmedabad-based drug research and development company Vidhi Research and Development LLP for a total valuation of Rs 178 crore.</div><div> </div><div>Pfizer's Thane manufacturing plant, which was commissioned in 1960, had been making drug formulations and ingredients for both domestic and international markets till 2013. But, the production has been almost nil in these facilities since last two years as Pfizer had outsourced a substantial port of its manufacturing to third party manufacturers for some time now.</div><div> </div><div>Of the 212 Pfizer India workmen at the Thane plant 132 had already taken up the voluntary retirement scheme (VRS) offered by the company last year and the remaining 80 who continued to receive full wages despite plant inactivity, would also receive requisite compensation as mandated by law, Pfizer had said in an earlier statement.</div><div> </div><div>Upon the conclusion of the business transfer agreement, all current workmen at the Thane Plant shall be transferred to the buyer so as to facilitate manufacturing operations.</div><div> </div><div>Vidhi Research Development, promoted by Jayeshkumar and Talakshibhai Kotak and Pravinbhai Talkshibhai Kotak, is a new entrant in the Indian pharmaceutical research and manufacturing space. The company was registered in September 2014.</div>
