Shilpa Medicare arm, PPI to form new JV company in Saudi Arabia
Raichur: Koanna International FZ LLC, UAE, a wholly-owned subsidiary of Shilpa Medicare and Pharma Pharmaceutical Industries & Biological Products (PPI), a prominent Saudi enterprise, have announced a definitive agreement to form a new joint venture company based in the Kingdom of Saudi Arabia.
Leveraging their respective strengths, PPI will contribute its local market expertise, while the Shilpa Group will provide global R&D, manufacturing, and regulatory capabilities.
The new limited liability company will be majority owned by PPI (70%), with Koanna holding a 30% stake.
The partnership will be executed in two key phases to ensure a swift market entry and a long-term manufacturing strategy:
Phase One: Shilpa Group will supply finished products in bulk for repackaging at the new JV company's state-of-the-art facility. This ensures a rapid market entry for key products. Concurrently, PPI will be responsible for establishing this fully-equipped manufacturing facility with technical input from Shilpa Group.
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