Ajanta Pharma, a major investor in the pharmaceutical
sector in the Central Asian countries, is planning to
offload a strategic stake in Ajanta Kazakh, a joint venture
company with the Kazakhstan government. Ajanta Pharma
is holding a majority stake of 87.5-per cent stake in
Ajanta Kazakh, while the remaining 12.5 per cent stake
is with the Kazakhstan government.
company officials said that as per the current plan, Ajanta
Pharma wants to offload its stake in Ajanta Kazakh to
major FIs and banks in Kazakhstan. Ajanta Pharma will
submit a detailed proposal on this regard to the FIs and
banks in Kazakhstan soon.
We have plans to offload some stake in our Kazakhstan
project to the FIs and banks as we require more funds
for the expansion activities of the project. We are in
the process of finalising strategy to offload the stake
and a final decision will be taken soon, the officials
said. They were, however, reluctant to divulge more details.
Kazakh has recently started its operations in Kazakhstan.
The company is manufacturing and marketing all the formulations
of Ajanta Pharma''s in this Central Asian Republic.
total cost of this project was $13.5 million. Ajanta Pharma''s
equity contribution was $4 million while the Kazakh government
invested $0.5 million as equity in the project. The project
has a debt component of $9 million. The Export Import
Bank of India had allocated Rs 13 crore to Ajanta Pharma
for this project.
company is providing all the expertise and managerial
support for the project and focusing more in life-saving
drugs for particular ailments prevalent in these countries
in a big way like tuberculosis, cancer and diabetics.
Ajanta Kazakh is also manufacture cardiovascular and prescription
Ajanta Pharma is in the process of setting up two joint
venture companies in Kazakhstan, Krygyzstan and Tajikistan
that are expected to be operational by the yearend. The
new plants will add to the production capacity to service