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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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