The Hindu Business Line : Dai Ichi in pact with GVK Bio

DAI-ICHI Karkaria Ltd has signed a memorandum of understanding (MOU) with the GVK Biosciences Pvt Ltd (GVK) on Tuesday for the transfer of its Hyderabad business into a new joint venture.

The joint venture would be in the business of active pharmaceutical ingredients (APIs), process chemistry, custom synthesis of new chemical entities (NCEs) and custom manufacture for chemical entities.

The Mumbai-based Rs 55-crore Dai-Ichi Karkaria is into the speciality chemicals, bulk drugs and formulations.

The company informed the stock exchanges that the value of the transaction would be in the region of Rs 38 crore, partly by way of cash and partly by way of equity, where Dai-Ichi would hold a 20 per cent stake in the new joint venture company.

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