Ind-Swift Laboratories to divest Dubai-based subsidiary to Soft Air General Trading

Ind-Swift Laboratories Limited has agreed to sell its fully-owned Dubai-based subsidiary — Ind-Swift Middle East FZ-LLC (ISME) to UAE-based Soft Air General Trading, for a sum of $1.98 million.

Based in Chandigarh, Ind-Swift Laboratories is an active pharmaceutical ingredient (API) and contract research and manufacturing services provider.

The turnover of its subsidiary was nil and has a net worth of AED 2.9 million ($0.79 million) as on 31 March 2021.

Ind-Swift Laboratories said that it has received an advance sum of $2,00,000 with the balance payment to be made by 31 March 2022.