SHASUN PHARMACEUTICALS LTD. - Joint Venture Agreement

On July 13, 2013, Company had announced the execution of a Letter of Intent (LOI) to form a new Joint Venture (JV Company) with SeQuent Scientific Limited (SeQuent), Shasun Pharmaceuticals Ltd has now informed BSE that the Company has signed the Joint Venture Agreement on March 07, 2014 with SeQuent. The JV Company has been formed to develop, manufacture and sell veterinary products including both API (Active Pharmaceutical Ingredients) and formulations to cater to the global market. In line with the Joint Venture Agreement, Company has also executed on March 07, 2014 a Slump Sale Agreement transferring its Vizag facility to JV Company. SeQuent and Shasun will hold 73% and 27% respectively in the JV Company.<br/><br/>JV Company is expected to be operational in the first quarter of 2014-15, subject to the customary closing conditions.