Amrutanjan signs MoU with Austin Chemical to form JV

MUMBAI: Amrutanjan, makers of traditional pharmaceutical products, today said it has entered into an agreement with US-based Austin Chemical firm to form a joint venture for strengthening its chemical business.

"The Board of Directors of the company has approved entering into an Memorandum of Understanding with Austin Chemical Company for strengthening and improving its chemical business," Amrutanjan Health Care said in a filing to the Bombay Stock Exchange.

Under the agreement, both the companies will form a joint venture named "Amrutanjan Pharmaessence". It, however, did not provide details on the shareholding pattern of the JV.

Amrutanjan's fine chemical division -- Pharmaessense -- provides value added services to several multinational companies as a CRAMS (Contract research and manufacturing services) firm.

"With Austin's strength in sales and marketing, distribution as well as sourcing and procurement, the managements of both companies are highly confident that the new synergies will create dynamic high value opportunities," the company said.