labels: industry - general, pharmaceuticals
Granules India forms joint venture with Chinese companynews
12 October 2006

Mumbai: Granules India Ltd will set up a joint venture company with Hubei Biocause Heilen Pharmaceutical Company of China to manufacture and sell APIs (active pharmaceutical ingredients), the Hyderabad-based company said in a filing with the Bombay Stock Exchange (BSE).

Hubei Biocause is one of the biggest manufacturers and exporters of ibuprofen.

Granules India said has entered into a memorandum of understanding (MoU) with the Chinese company, under which the manufacturing assets of Biocause, located at Jingmen (Hubei province of China) and currently manufacturing Ibuprofen, would be transferred to the joint venture entity.

Both the firms would hold a 50-per cent stake each in the joint venture.

Granules India would be responsible for the development and marketing of products manufactured by the joint venture entity, starting with Ibuprofen, the company said in its filing.

"The Biocause facility is one of the most sophisticated manufacturing sites that we have come across in China. Their high levels of GMP compliance, in addition to their capability to manufacture Ibuprofen for Europe and the US will provide us a strong manufacturing base in China for high volume APIs," said Krishna Prasad, managing director of Granules India.

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Granules India forms joint venture with Chinese company