Gulf Oil enters into agreement with Biocon to sell pharmaceutical biz

BioconGulf Oil Corporation, leading Hinduja Group Company, has announced that its arm known as IDL Speciality Chemicals has inked a contract with Biocon.

Under the contract, IDL Speciality Chemicals will market its Active Pharmaceuticals Ingredients (API) undertaking.

The financial details of the contract have not been revealed by the company. API is the basic raw material which is utilized in making medicines.     

Gulf Oil Corporation is basically a lubricant company, which also engages in explosives, consult dealing in mining as well as infrastructure contracts, specialty chemicals dealing in bulk drugs and pharmaceutical sector.