Drug firm Aurobindo Pharma on Friday said its arm Helix Healthcare B V, Netherlands has entered into an agreement with Chinese firm Shanghai LongJin Investment Company and Sveva Capitals, Hongkong to form a JV firm, Longxiang Pharma Taizhou Co Ltd in China.
The joint venture is for development, manufacturing, marketing and sale of pharmaceutical products for China, excluding Taiwan, Hongkong and Macau, Aurobindo Pharma said in a filing to the BSE.
While Helix will have 57 per cent shareholding in the JV, LongJin will have 40 per cent and Sveva will have 3 per cent shareholding, it added.
"Commencement of commercial production of JVC is expected during 2022-23," Aurobindo Pharma said.
Helix has the right to appoint three directors, while LongJin has the right to appoint two directors in JVC, it added.
Shares of Aurobindo Pharma closed at Rs 600.70 per scrip on the BSE, up 1.64 per cent from its previous close.
Disclaimer: No Business Standard Journalist was involved in creation of this content
