Alivira Animal Health Ltd, the joint venture company of Chennai-based Shasun Pharmaceuticals and SeQuent Scientific Ltd, will soon begin production at Shasun’s ₹129-crore plant at Visakhapatnam.
S Abhaya Kumar, Chairman and Managing Director of the drug company told Business Line today: “We are in the final stages of preparing the plant. Production will start soon.”
The company will produce veterinary products at the plant through a joint venture with Bangalore-based SeQuent Scientific it had announced in July last year.
Shasun informed the BSE today that it has received 74 lakh equity shares from Alivira .
Devicam Capital LLP, an enterprise jointly owned by the promoters of Shasun and SeQuent, has got 21.14 lakh shares.
He refused to give more details about the equity placement.
The Chennai-based pharmaceuticals company had acquired land in the JN Pharma City, Visakhapatnam, in 2007, but began construction in 2011.
Shasun’s scrip rose 5.06 per cent today to reach ₹88.25, while SeQuent increased 6.23 per cent to ₹219.