Financial Daily from THE HINDU group of publications
Friday, Oct 22, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 22, 2004 |
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Corporate
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Alliances & Joint Ventures Themis, Gedeon Richter venture gets FIPB nod Our Bureau
Mumbai , Oct. 21 THE Gujarat-based Themis Medicare Ltd said on Thursday that it's proposed joint venture with Hungary's Gedeon Richter Ltd has been recently approved by the Foreign Investment Promotion Board. The joint-venture will be named Richter Themis Medicare India Pvt Ltd, the company informed the Bombay Stock Exchange. The venture will manufacture active pharmaceutical ingredients and intermediates at its plant in Vapi for 100 per cent export. Commercial production is to commence in January 2006. Gedeon Richer will participate with 51 per cent equity where as Themis Medicare will be 49 per cent in the Rs 14-crore equity capital, the company said. Further, the overseas partner will bring in an ECB loan of $15 million to finance the project repayable by December 2013.
More Stories on : Alliances & Joint Ventures | Pharmaceuticals
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