Financial Daily from THE HINDU group of publications
Sunday, Sep 29, 2002
Financial Daily from THE HINDU group of publications Sunday, Sep 29, 2002 |
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New Projects Corporate - New Projects Cadila Health to set up shop in US, Brazil Our Bureau
MUMBAI, Sept. 28 AHMEDABAD-BASED Cadila Healthcare is planning to set up associate companies in the US and Brazil. In a notification to the BSE, the company said that a new company will be formed in the name of `Zydus Healthcare Brasil Limitada' in Brazil. This company will be formed as a wholly-owned subsidiary of Zydus International Private Ltd, Ireland for marketing the products of the company. A `limited liability company' (LLC) will be established in the US in the name of `Zydus Healthcare (USA) LLC' as a wholly-owned subsidiary of Zydus International Private Ltd, Ireland for developing the overseas business. The board of directors of Zydus Cadila has approved of the formation at a meeting today. Zydus will also issue or allot 6.90 per cent unsecured redeemable non-convertible debentures aggregating Rs 35 crore. Also, it will issue or allot 7 per cent secured redeemable non-convertible debentures aggregating Rs 20 crore, for which the company has received `P1+' rating from Crisil, stated the notification.
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