Godrej Agrovet to set up Integrated Palm Oil Complex in Telangana
Godrej Agrovet Limited’s (GAVL) Oil Palm business today announced that the company will be setting up an Integrated Palm Oil Complex in the state of Telangana. To be set up in the Khammam district, it will consist of a state the of art Crude Palm Oil mill along with the provision of setting up a refinery in the near future. The company will also establish a nursery with a capacity of up to 7 Lac saplings per year in addition to the seed production & research unit
GAVL will be investing INR 300 Crore over the next 3-4 years in setting up the integrated palm oil complex. Additionally, through its Samadhan Centers – a one stop solution for oil palm farmers, the company would also provide advisory services on best practices / modern technologies, farm inputs (such as fertilizers, drip irrigation, pesticides, seeds, and harvesting tools) and services under one roof. The company’s partnership with the State Bank of India would also support Oil Palm Plantation farmers during the gestation period.
With 65,000 hectares of palm oil under cultivation across the country, GAVL plans to increase cultivation to 1.2 Lac hectares by 2027.
Granules India Receives ANDA Approval for Losartan and Hydrochlorothiazide Tablets
Granules India Limited announced today that the US Food & Drug Administration (US FDA) has approved its Abbreviated New Drug Application (ANDA) for Losartan Potassium and Hydrochlorothiazide Tablets USP, 50 mg/12.5 mg, 100 mg/12.5 mg, and 100 mg/25 mg. It is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Hyzaar Tablets of Organon LLC. Losartan potassium and hydrochlorothiazide tablets are indicated for the treatment of hypertension to lower blood pressure and to reduce the risk of stroke in patients with hypertension and left ventricular hypertrophy. Granules now have a total of 60 ANDA approvals from US FDA (58 Final approvals and 2 tentative approvals). The current annual U.S. market for Losartan and Hydrochlorothiazide Tablets is approximately $73 Million, according to MAT Jul 2023, IQVIA/IMS Health.
Cipla Completes Sale of Stake in Saba Investment Limited, UAE and Its Subsidiaries
Cipla, the Indian pharmaceutical company, has completed the sale of its 51% stake in Saba Investment Limited, UAE to Shibham Group Holding Limited, UAE for a consideration of USD 6 million. The divestment of its stake in Saba marks a strategic move for Cipla, aimed at streamlining its operations and focusing on core areas of growth. While Cipla has been expanding its global footprint, the sale of its stake in Saba provides the company with greater financial flexibility to invest in research and development, pursue growth opportunities in other markets, and focus on its core areas of strength. The transaction has been completed successfully, and Cipla will no longer have any ownership interest in Saba or its subsidiaries.
Accordingly, Saba and its subsidiaries viz Cipla Middle East Pharmaceuticals FZ LLC, UAE and Cipla Medica Pharmaceutical and Chemical Industries Limited, Yemen, have now ceased to be subsidiaries of the Company w.e.f. 29th September, 2023.
Suven Pharma Appoints Vaidheesh Annaswamy as Executive Director and Chairperson
Mr. Vaidheesh Annaswamy is a successful senior business leader from the most admired Fortune 100 companies with more than 35 years of diverse experience in healthcare and FMCG Industry, including at Johnson and Johnson, Pfizer and GSK. Mr. Annaswamy has proven expertise in general management with a strong background in market creation and leadership development.
Mr. Annaswamy has a rich experience in building strong leadership for brands/franchises across varied categories (healthcare and FMCG) and in multi-grid and multi-cultural Locations. He was instrumental in successfully turning around challenging business situation for GSK Pharma India, and has created access to latest vaccines strategy to benefit large cohort of children.