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www.fdanews.com/articles/97892-nicholas-piramal-to-hive-off-nce-r-38-d-unit

Nicholas Piramal to Hive Off NCE R&D Unit

August 31, 2007

The board of Nicholas Piramal India (NPIL), at its meeting, approved the proposal of demerging its new chemical entity (NCE) research unit into a separate company.
Business Standard