Mar 06, 2007, 03.00 PM | Source: Moneycontrol.com
Granules India signs outsourcing deal with Matchland Pty Ltd of Australia
Granules India Ltd; a leading pharmaceutical formulation intermediates company with complete vertical integration, today announced that it has entered into an outsourcing agreement with Matchland Pty Ltd, (trading as New Products Development). Under the agreement, New Products Development will outsource its finished dosage manufacturing requirement to Granules India for the Australian market.
Five products have been identified for the initial manufacturing and this list is expected to grow as the relationship progresses. The agreement is in the nature of a partnership wherein, New Products Development will compensate Granules for all the costs incurred in manufacturing and will also provide a transparent profit margin. This would be New Products Development’s first Outsourcing Agreement with any Indian Company and it effectively complements Granules strategy of expansion into lesser explored markets like Australia and New Zealand.
Commenting on the deal, Mr. C. Krishna Prasad, Managing Director said, “We are planning to use our TGA approved pilot manufacturing capabilities to kickstart the manufacturing as soon as possible.”
Granules recently approved the allotment of 14.9 per cent stake to US-based Ridgeback Capital Investment LLC. The company will issue 22, 11, 200 equity shares of Rs.10/- each fully paid-up at Rs.105.50 per share (including premium) to Ridgeback Capital or their affiliates on a preferential basis.
Sourced From: Adfactors Public Relations Pvt Ltd