Kilitch Drugs India forms JV in Ethiopia with local partner

Pharma firm Kilitch Drugs India has formed a joint venture in Ethiopia with a local partner there to set up a manufacturing plant in the African country.

"The company has formed a joint venture in the Republic of Ethiopia with a local party therein to set up a pharmaceutical/nutraceutical manufacturing unit...," Kilitch Drugs said in a BSE filing. It, however, did not provide the name of the company with which it has formed the JV.

"The company (Kilitch Drugs India) shall be a partner to the tune of 97 per cent and the Ethiopian partner shall hold remaining 3 per cent in the said joint venture," it added.

Shares of Kilitch Drugs India were trading a steep 19.97 per cent up at Rs 38.15 per scrip during afternoon session on the BSE.