The venture will be established through the firm’s wholly owned UAE subsidiary, Koanna International FZ LLC, which will hold a 30% stake. PPI will retain the majority 70% shareholding.
According to the company’s filing, the partnership will be rolled out in two phases. Initially, Shilpa will supply bulk finished formulations for repackaging in Saudi Arabia, while PPI, with guidance from Shilpa, develops a local manufacturing facility. In the second phase, Shilpa will transfer its technology to enable full-scale local production, while also handling regulatory submissions to the Saudi Food and Drug Authority.
The company said the initiative aligns with Saudi Arabia’s Vision 2030 programme to expand domestic manufacturing and strengthen its healthcare infrastructure.Also Read: Aurobindo Pharma arm secures UK regulator’s approval for breast cancer treatment drug
“We are excited to partner with PPI. This joint venture combines PPI’s unmatched local strength with Shilpa’s innovative technology to improve healthcare in the Kingdom,” said Vishnukant BhutadaManaging Director of Shilpa Medicare. “This underscores our commitment to Saudi Arabia and consolidates our presence across the MENA region.”
At 2:21 pm, shares of Shilpa Medicare were trading at ₹837.90 on the NSE, up 2.59% from the previous close.
(Edited by : Shersh Kapoor)
