New Delhi, Mar 31 (PTI) Drug firm Lupin on Monday said its board has approved the transfer of its API R&D division to a wholly owned subsidiary on a slump sale basis.

The company's board has also approved modification to an earlier slump sale transaction by including an additional brand as part of the transfer of OTC business to LCHL, on a going concern basis, the drug maker said in a regulatory filing.

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The company had intimated on February 12 this year regarding the board's approval for the transfer of the OTC Consumer Healthcare Business to a new wholly owned subsidiary.

The company has incorporated LUPINLIFE Consumer Healthcare Ltd, a wholly owned subsidiary for the purpose.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)