CHENNAI: The board of life sciences tech enterprise Take Solutions has approved sale of its entire 58% stake in subsidiary APA Engineering for Rs 17.4 crore.
The transaction is in the form of a management buyout, and stake is sold to K Vaidyanathan and K Ramakrishnan, both currently founders and whole-time directors of APA Engineering, the company has said.
"TAKE Solutions is moving towards becoming a full-fledged Life Sciences organisation. TAKE would like to divest its non-life sciences portfolio," H R Srinivasan, vice-chairman and MD, Take Solutions said.
APA Engineering operates in the supply chain management space, covering engineering, sourcing, compliance and technology domains. It contributed 5.98% to Take Solutions' turnover in the previous fiscal year. The subsidiary contributed 1.61% to Take Solutions' net worth
Take Solutions also initiated the liquidation process of its step-down subsidiary Navitas Life Sciences, GmbH, Germany owing to business constraints arising from Covid-19.
"The liquidity and business constraints, consequent to impact of Covid-19 pandemic, have significantly hampered the operations of a step-down subsidiary -- Navitas Life Sciences GmbH, Germany," the company said in an exchange filing on Monday.
