China Govt okays Granules JV

Granules India Ltd. said on Tuesday that its agreement with China's Hubei Biocause Heilen Pharmaceutical Co. Ltd. for setting up of a Joint Venture in China has been approved by the Government of China.

The Joint Venture Company in the name of Hubei Granules Biocause Pharmaceutical Co. Ltd. has been registered and will now become operational. The JV will manufacture Ibuprofen API to start with.

The two companies had signed a MoU with Biocause of China on October 12, 2006.