Piramal Healthcare has announced that it will sell its healthcare solutions business in India, Sri Lanka and Nepal to US-based Abbott for about $3.72 billion.

The company's healthcare business consists of manufacturing, marketing as well as sales of branded pharma products.

In a regulatory filing, Piramal said that it will shift its manufacturing plants at Baddi in Himachal Pradesh and rights to approx 350 brands and trademarks to Abbott.

"The sale will also involve the transfer of the employees," the company added.

Out of $3.72 billion, Abbott will pay $2.12 billion after completion of the sale and the rest $1.6 billion by the next four years.

Piramal healthcare will keep hold of its business of custom manufacturing for third parties, critical care, over the counter products, manufacture and supply of active pharmaceutical ingredients, vitamin, diagnostic medical devices, diagnostic services and clinical research services.

Under the terms of sale, Piramal and its companies will not undertake the business of generic pharmaceutical products in the finished form in India.

The deal will be completed by the second half of this year.

The Piramal Healthcare scrip gained 2.87% as against its previous close at Rs 586 at the Bombay Stock Exchange Friday. The other group company, Piramal Lifesciences, was also up 4.98% to trade at Rs124.30. (With Inputs from Agencies)