Dishman ropes in SIPAMCO in Saudi Arabian JV
Ahmedabad-based Dishman Pharmaceuticals and Chemicals Ltd has roped in Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) as a partner in its Saudi Arabian joint venture formed to manufacture Active Pharmaceutical Ingredi...
By PTI |
MUMBAI: Ahmedabad-based Dishman Pharmaceuticals and Chemicals Ltd has roped in Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) as a partner in its Saudi Arabian joint venture formed to manufacture Active Pharmaceutical Ingredients (APIs).
Dishman, along with Arab Company for Drug Industries and Medical Appliances (ACDIMA) and Takamul Holding Company (THC), had formed the joint venture for API project.
The new company has been issued industrial licenses in the name of CAD Middle East Pharmaceutical Industries Ltd (CAD), the company informed the Bombay Stock Exchange.
With SPIMACO, which serves successfully several markets locally and internationally and have built superior relations with regulatory bodies and the medical professions at large, joining as a JV partner CAD will have a ready market, it said.
CAD will initially manufacture 20 API's in a multi-purpose facility with room to expand product base. SPIMACO Managing Director Salim Babhair, will be the Chairman of the Board of CAD, it added.
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The project would seek soft loans from local government bodies, including Saudi Industrial Development Fund (SIDF) and British Offset in the Kingdom, with further support to allocate subsidised land by Saudi Economic offset Program, it said.SPIMACO is a Saudi Joint-Stock company with a fully paid-up capital of SR 600 million.
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