Apc Exits Venture With Medimpex

Medimpex-APC Trading India is to become a 100 per cent subsidiary of Medimpex Trading Company, Budapest, as APC Pharmaceuticals & Chemicals is pulling out of the joint venture.

APC Pharmaceuticals & Chemicals, a Hong Kong-based overseas corporate body, at present holds 49 per cent equity (amounting to Rs 49 lakh) in Medimpex-APC Trading India on a repatriable basis.

Medimpex Trading Company holds the remaining 51 per cent of the equity (amounting to Rs 51 lakh), which is also on a repatriable basis.

With the shift in shareholding, the name of the company will now be changed to Medimpex Trading Company (India) Ltd.

 

The Foreign Investment Promotion Board recently approved the change in the shareholding pattern through acquisition of 4.90 lakh equity shares of Rs 10 each _ now with APC Pharmaceutical & Chemicals _ by Medimpex Trading Company.

Medimpex-APC Trading India had earlier been granted foreign collaboration approval to export pharmaceutical intermediates using the international marketing and distribution network of joint venture partners.

Medimpex-APC Trading India was also permitted to develop contract manufacturing facilities in India and to gradually diversify into trading of chemicals of all kinds.

The application before Foreign Investment Promotion Board had stated that APC Pharmaceuticals & Chemicals had entered into the joint venture with the understanding that the venture will be terminated and it will sell its holding in the Indian company to Medimpex of Budapest. The application was supported by a resolution of the board of the Indian company and the consent letter of the joint venture partners. The administrative ministry, the ministry of commerce, had supported the proposal.