Dishman Pharmaceuticals and Chemicals has entered into a joint venture with three pharmaceutical companies in Saudi Arabia. The new venture will manufacture active pharmaceutical ingredients (API), reported Business Standard. The work is expected to be completed in a 15 months time. The project will be a 50:50 joint venture between Dishman and Takamul. Business Standard quoted JR Vyas, managing director of Dishman Pharma, as saying: “We have invested $9 million to pick up 30 percent stake in the newly formed $100 million company CAD. Arab Company for Drug Industries and Medical Appliances (ACDIMA) has 15 percent stake, Spimaco, one of the formulation manufacturers in the Arab world owns 20 percent while Capital Advisory Group owns 25 percent. Saudi Industrial Development Fund (SIDF) has offered a $55 million soft loan to the joint venture company for 15 years.” Additionally, Dishman is planning to invest INR1500m in the SEZ (special economic zone) to build manufacturing facility. The company also said that it will expand its existing facility with an investment of Rs1500 million. This facility is based in Bavla. The facility will be expanded by 1000 m2. The Saudi venture will manufacture disinfectants and the product will be available for commercial production in 2010, the daily said.
