Ajinomoto to take over Indian biopharmaceutical joint venture
NEW DELHI, NNA - Major Japanese seasoning and food maker Ajinomoto Co. will take over an Indian biopharmaceutical joint venture to capitalize on the rising global outsourcing market.
Ajinomoto will purchase a 50 percent stake in Granules OmniChem Private Ltd., an equally owned joint venture between Ajinomoto's Belgium-based subsidiary S.A. Ajinomoto OmniChem N.V. and Granules India Ltd.
Ajinomoto will buy the remaining 50 percent stake in the joint venture for an undisclosed amount from Granules India hopefully in the October-December period of this year, pending approval of Indian authorities, an Ajinomoto spokesman told NNA on Monday.
Granules OmniChem, based in the southeastern state of Andhra Pradesh, manufactures active pharmaceutical ingredients and intermediates to sell them to Japanese, U.S. and European firms.
The joint venture has been part of Ajinomoto's contract development and manufacturing organization strategy under its global unit, Ajinomoto Bio-Pharma Services.
According to Ajinomoto, the world's pharmaceutical outsourcing market is estimated at $108 billion and projected to grow at an annual rate of 8 percent from 2016 to 2020. (NNA/Kyodo)