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Report: Glenmark plans to sell Indian orthopedic business

India's Glenmark Pharmaceuticals Ltd. is planning to sell its domestic orthopedic business in an effort to reduce debt, The Economic Times reported citing sources.

The generic drugmaker is looking to raise 8 billion to 9 billion Indian rupees from the divestment which has attracted the interest of certain strategic investors.

Funds raised will also be used to invest in the company's U.S. business, the report added.

About 30% of Glenmark's total sales are from its Indian business, according to the paper. The company generated 80.96 billion Indian rupees during the year ended March 31, 2017.

As of March 13, US$1 was equivalent to 64.76 Indian rupees.