Wockhardt ex­pects to co­mplete divest­m­ent of its nutrition business by the end of this

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financial year. The company said it has reached agreement with EU based secured lenders.

Habil Khorakiwala, chair­man said, “Di­vestment of nutrition busin­ess will be completed by ye­ar-end. Our total FCCB outstanding was $1,500 million, now its $74 million (bond holders have dragged the firm to court for default in payment of dues). We will certainly get court approval for the deal. Our corporate debt restructuring partners are supporting the divestm­ent. We have also re­ached an agreement with the EU len­ders.” He refused to comment on the FCCB bondholders who are tec­hnically speaking unsecured cr­editors of the company and whose claims rank subordinate to those of secured lenders. Wockhardt has reported a turnaround in its fortunes with a consolidated net profit of Rs 193.9 crore for the quarter ended June 2011 as against a loss of Rs 116.3 crore in the previous year. Its quarterly consolidated net sales rose year on year by 14.3 per cent to Rs 1,053 crore. “Wockhardt is focussed on its fundamental priority of delivering a sustained performance. Our positive first quarter results of FY 2011-2012 is a pointer in this direction,” said Khorakiwala.