Johnson & Johnson (J&J), which is struggling with slowdown of demand for its consumer products in India, has sold its largest manufacturing plant in the country atPenjerlain toHeteroon a slump sale basis, according to a report in ET. The financial details of the sale were not disclosed, the report said. A J&J spokesperson did not comment on the matter.
J&Js manufacturing plant (55.3 acres) was completed in 2016 to make consumer Health products, including babycare range, beauty, earbuds, electrolyte drinks, oral and skincare. The plant, however, has been idle ever since. The company had to take an impairment charge of about Rs 310 crore and put up the plant for sale, according to the report.
According to the companys annual report, J&J had valued its land asset at Rs 33.1 crore in 2020-21.
This is the second plant sold by J&J in India. In 2021-22, it sold its medical division unit inBaddi, Himachal Pradesh, as part of its strategic management decision, according to the report.