| Dishman inks deal with Arab pharma body |
| Our Web Bureau / Mumbai April 28, 2005 |
| Dishman Pharmaceuticals & Chemicals (DPCL) has executed various agreements with Arab Company for Drug Industries and Medical Appliances (ACDIMA) for setting up a joint venture (JV) project initially to manufacture 20 active pharmaceutical ingredients (APIs) for marketing in the Arab countries and also exporting them. According to a release issued by Dishman to the BSE today, ACDIMA is promoted by 18 Arab nations, and has a paid-up capital of Kuwaiti Dinar 49.44 million (equivalent to about $169 million) and a net worth of Kuwaiti Dinar 73.96 million (equivalent of about $253 million). "ACDIMA is also supported by the capital advisory group (CAG) established in the Kingdom of Saudi Arabia for project approval, arranging finances for joint venture projects to be executed by ACDIMA and selecting the local partner. CAG arranges interest-free term loans to finance 50% of project cost for joint venture projects. The interest-free loan is to be repaid in 20-24, half-yearly installments after a moratorium of 3-4 years from the date of first drawal of the loan," the release said. "ACDIMA has agreed to the company's request to hold 51% of the share capital of the joint venture project by the company. The total investment proposed is up to $100 million. The company |
