Dishman buys partner's 50% stake in JV Schutz Dishman

Dishman Pharmaceuticals and Chemicals Ltd has acquired further 50 percent stake in Schutz Dishman Biotech Ltd, a joint venture Indian company, from the existing partner, Schutz & Co Beteiligungsgesellschaft MBH of Germany, for a consideration of Euro 300,000 (about Rs 2.26 crore). Dishman currently holds 22.33 percent stake in Schutz Dishman and after acquisition of further 50 percent stake, Schutz Dishman will become subsidiary of the company.
 
Schutz Dishman Biotech Ltd (Schutz Dishman) is engaged in the business of manufacturing of bulk drugs, drug formulations and performance chemicals in India for export markets. Its plant is USFDA approved and is located in the existing campus of Dishman’s Bavla manufacturing facility, near Ahmedabad (Gujarat).
   
The acquisition of additional 50 percent stake in the JV will help Dishman in backward integration for some of its existing products and for manufacturing other APIs.