Shares of Shilpa Medicare Ltd rose 4% on Thursday, 28 August, after the company announced a joint venture in Saudi Arabia with Pharma Pharmaceutical Industries and Biological Products (PPI).

The JV will be set up through Shilpa’s wholly owned UAE subsidiary, Koanna International FZ LLC, which will hold a 30% stake, while PPI will own the remaining 70%.

The partnership will unfold in two phases. In the first phase, Shilpa will supply bulk finished formulations for repackaging in Saudi Arabia, while PPI, guided by Shilpa, builds a local manufacturing facility. In the second phase, Shilpa will transfer its technology to enable full-scale local production and manage regulatory submissions to the Saudi Food and Drug Authority.

Shilpa stated that the initiative supports Saudi Arabia’s Vision 2030 plan to boost domestic manufacturing and expand healthcare infrastructure.

“We are excited to partner with PPI. This joint venture combines PPI’s local expertise with Shilpa’s innovative technology to strengthen healthcare in the Kingdom,” said Vishnukant Bhutada, Managing Director of Shilpa Medicare. “This underscores our commitment to Saudi Arabia and consolidates our presence across the MENA region.”

At 3:30 pm, the shares of Shilpa Medicare closed 4.07% higher at Rs 850 on NSE.

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