Shilpa Medicare Ltd Subsidiary Koanna International FZ LLC UAE to Form Joint Venture with Pharma Pharmaceutical Industries & Biological Products for New Pharma Manufacturing Facility in Saudi Arabia
Shilpa Medicare Ltd's subsidiary, Koanna International FZ LLC UAE, has entered into a definitive agreement with Pharma Pharmaceutical Industries & Biological Products (PPI), a prominent Saudi enterprise, to form a new joint venture company based in the Kingdom of Saudi Arabia. The joint venture aims to build a new pharma manufacturing facility in Saudi Arabia. The agreement is in two phases: phase one involves Shilpa Group supplying finished products in bulk for repackaging at the new JV company's state-of-the-art facility, while phase two involves Shilpa Group executing a full technology transfer of its manufacturing processes to the JV. The venture aligns with Saudi Arabia's Vision 2030 goals of economic diversification and localizing strategic industries.
Key Highlights
- Shilpa Medicare Ltd's subsidiary, Koanna International FZ LLC UAE, to form a joint venture with Pharma Pharmaceutical Industries & Biological Products (PPI) for a new pharma manufacturing facility in Saudi Arabia.
- The joint venture is in two phases: phase one involves Shilpa Group supplying finished products in bulk for repackaging, while phase two involves Shilpa Group executing a full technology transfer of its manufacturing processes to the JV.
- The venture aligns with Saudi Arabia's Vision 2030 goals of economic diversification and localizing strategic industries.
- PPI will contribute local market expertise, while the Shilpa Group will provide global R&D, manufacturing, and regulatory capabilities.
- The new limited liability company will be majority-owned by PPI (70%), with Koanna holding a 30% stake.