Mumbai: Pharma company Ranbaxy Laboratories
today said it has exited from Japan-based joint venture
company--Nihon Pharmaceutical Industry.
Ranbaxy sold its stake to Nippon Chemiphar for an
undisclosed amount after an agreement that allowed Nippon
Chemiphar (NC) to buy Ranbaxy`s entire stake in Nihon
Pharmaceutical Industry (NPI), Ranbaxy Labs said in a filing
to the Bombay Stock Exchange.
Both companies--Nippon Chemiphar and Ranbaxy Laboratories
--held equal shares in the joint venture. Following the
transaction, NPI would become a wholly-owned subsidiary of
Ranbaxy entered into an agreement with Nippon Chemiphar
to form a joint venture company -- Nihon Pharmaceutical
Industry, in September, 2002.
Nippon Chemiphar is a Japanese pharmaceutical company,
involved in developing, manufacturing and selling generics, in
addition to proprietary products.
Shares of Ranbaxy were trading at Rs 504.50 on the BSE,
down 0.51 per cent from its previous close.