Natco to enter Indonesian market
Board nod for setting up a subsidiary for selling pharma products in that country
U.S. FDA Notifies Natco Pharma Unit in Hyderabad of Eight Observations
Hyderabad: The board of directors at Natco Pharma Ltd on Thursday approved setting up of a subsidiary, PT Natco Lotus Farma, in Indonesia with an investment of up to $3 million (Rs25 crore) for selling pharmaceutical products in that country.
Natco holds 51 per cent in the new subsidiary and the balance stake 49 per cent by PT Mitra Medis Exim (MME), a part of Mitra Jaya Group, which is a 40-year-old multi-diversified group, as the co-promoter, according to a statement. The company’s board approved the proposal at its meeting held on Thursday.
Natco will initially invest $1 million for a stake of 51 per cent as capital contribution and balance will be invested as and when the funds are required by the subsidiary, it added.
