Dishman looking to sell China plant to pare off debt.

Ahmedabad-based contract research and manufacturing services (CRAMS) player Dishman Pharmaceuticals and Chemicals Ltd., is looking to sell its China plant to pare off some debt. The plant in the Shanghai Chemical Industry Park had started operations last year and is currently making intermediates and speciality chemicals.

'We have decided to liquidate the Chinese asset. However, while we are looking for a suitable buyer, we have started manufacturing from that plant so that it achieves a break-even,' sources in the company said.

The company had begun constructing the Shanghai facility in 2006. However, regulatory approvals from the Chinese authorities took longer than the company had anticipated and hence the facility had been a drain on the company's resources.

BS