Indoco Remedies to set up overseas investment arm

Drug maker Indoco Remedies plans to float a holding company ""-Indoco Holdings Netherlands BV. This will house its international operations in the UK and South Africa and its proposed foray into the US.

Adti Kare Panandikar, director (business development & HR) of the company, said Indoco Holdings Netherlands BV ('Indoco Holdings'), that will be incorporated as a wholly-owned subsidiary of the company in the

Netherlands, is intended to be the holding entity for all the overseas investments of the company.

"It will be located in Netherlands since the country has a conducive business environment and network of multiple beneficial tax treaties," she added.

The company has signed a joint venture agreement with Sun Medicamentos Pty Ltd, South Africa for setting up a company "" Indoco SA Pty, in South Africa. Indoco Holdings would hold 55 per cent of the paid-up equity share capital of Indoco SA, with the balance 45 per cent being held by Sun Medicamentos Pty.

According to Panandikar, Indoco SA will be spearheading the group's marketing and distribution operations in southern Africa.