Pakistan-based pharmaceutical company Citi Pharma Ltd is entering into a joint venture (JV) agreement with China’s Hangzhou Newsea Technology Co., Ltd, in a strategic move designed to expand Citi’s pharmaceutical Active Pharmaceutical Ingredient (API) manufacturing capabilities. The new entity, to be named Etaci Ltd, will see Citi holding a majority stake of 65%, with Newsea taking a 35% share.
Headquartered in Pakistan, Etaci Ltd is projected to bolster Citi’s local API production capacity, enabling the company to manufacture an additional 30 APIs on top of the current 20-22 APIs it already produces. This expansion is expected to significantly enhance Citi’s market presence and contribute to the local pharmaceutical industry.
Both companies are optimistic that the JV will achieve an annual turnover of approximately INR 15 billion (USD 180 million) once it becomes operational, reinforcing the potential for strong financial performance and growth.- Flcube.com
