Date:08/02/2005 URL: http://www.thehindubusinessline.com/2005/02/08/stories/2005020801810200.htm

Back Strides picks up majority stake in LatAm venture

Our Bureau

Bangalore , Feb. 7

STRIDES Arcolab on Monday said it had acquired a controlling stake in its Latin American venture, becoming the largest Indian pharma company to operate in the lucrative $22-billion LatAm market.

Strides has acquired an additional stake of 12.5 per cent at a cost of $6 million in its joint venture, Strides Latina, from its Brazilian partner, Elcemar Almeida & Associates. It now owns 52.5 per cent or controlling stake in the joint venture.

The Bangalore company's sales from its LatAm operations (from Brazil and Mexico) stand at Rs 195 crore (about $45 million) for the 12-month period ended September 2004.

Brazilian entity Cellofarma is fully owned by Strides Latina, which has a 74-per cent stake in Mexican company Solara, SA de C.V.

"With the manufacturing facilities in Brazil and Mexico, Strides is now a strong regional player in this market, having strong management, sales and manufacturing capabilities with technologies and products from India. The consolidation exercise in Latin America will further help us in becoming a significant player in this market," said the Chairman of Strides Arcolab, Mr Arun Kumar.