The board of Lupin at its meeting held today approved the setting up of a joint venture subsidiary company in Australia by making an investment not exceeding Australian $ 10 million, in a phased manner. According to an official release issued by the company to the BSE today, the investment would be made either directly or through any intermediate wholly owned subsidiary. The company will hold 87.5% of the equity capital of the subsidiary and the balance 12.5% will be held by the local partners.
