French drugmaker Sanofi has started a process to turn its India consumer healthcare business into a listed entity via a demerger, the Economic Times newspaper reported on Friday.
The company is working with Bank of America on the spin-off process, ET reported, citing people familiar with the matter.
About 60% of Sanofi India is owned by Sanofi and its wholly owned subsidiary Hoechst Gmbh, while the rest is held by foreign and domestic institutional and retail investors, the report said, adding that the consumer business would be listed separately with a similar shareholding pattern.
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