Kilitch Drugs Forms Joint Venture In Ethiopia To Set Up Manufacturing Unit

The pharmaceutical company will be a partner to the tune of 97 percent and the Ethiopian partner will hold remaining 3 percent said the joint venture.

Kilitch Drugs India has formed a joint venture in Ethiopia with a local partner to set up a manufacturing plant in the African country.

"The company has formed a joint venture in the Republic of Ethiopia with a local party therein to set up a pharmaceutical/nutraceutical manufacturing unit," Kilitch Drugs said in a BSE filing.

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It, however, did not provide the name of the company with which it has formed the JV.

"The company (Kilitch Drugs India) shall be a partner to the tune of 97 percent and the Ethiopian partner shall hold remaining 3 percent in the said joint venture," it added.

Shares of Kilitch Drugs India were trading a steep 19.97 percent up at Rs 38.15 per scrip during afternoon session on the BSE.

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