Pharma major Sigachi Industries forms JV with Saudi National Projects Investment

The JV will be a holding company that will create separate entities to manage its core verticals viz. pharma, food and nutrition, and operations and management (O&M).

Sigachi is India's first and leading manufacturer of Microcrystalline Cellulose powder in India.

Pharmaceutical industry company Sigachi Industries has announced the incorporation of a joint venture (JV) with Saudi National Projects Investment Limited (SNP) as it looks to expand its global footprint.

According to a statement by the company, its wholly owned subsidiary Sigachi MENA FZCO and SNP have formed the new JV, namely Sigachi Arabia. SNP is an advisory investment firm.

"Sigachi MENA FZCO will hold a 75 per cent stake and SNP will hold 25 per cent in the JV," it said.

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The JV will be a holding company that will create separate entities to manage its core verticals viz. pharma, food and nutrition, and operations and management (O&M).

The statement added that the JV is also planning to set up a manufacturing facility in Riyadh to cater to the local market. The plant will also serve the Gulf Cooperation Council (GCC) countries.

Saudi National Projects Investment is an advisory investment firm that provides multifaceted global and local expertise for building strategic and profitable partnerships. It has developed proprietary solution based analytical frameworks for businesses in Saudi Arabia and China.

SNP’s global team of investment analysts and managers have sourced, executed and closed over USD 50 billion of deals for global projects with end-to-end guidance and support for their partners.

Sigachi is India's first and leading manufacturer of Microcrystalline Cellulose powder in India. Its shares closed 1 per cent lower at Rs 38.25.

Last month, Sigachi Industries had forayed into the active pharmaceutical ingredient (API) business by acquiring a majority stake in API manufacturing firm Trimax Bio Sciences.

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