The new JV entity would be based in the Kingdom of Saudi Arabia.
Leveraging their respective strengths, PPI will contribute its local market expertise, while the Shilpa Group will provide global R&D, manufacturing, and regulatory capabilities. The new limited liability company will be majority owned by PPI (70%), with Koanna holding a 30% stake.
The venture represents a significant step in Saudi Arabia's healthcare infrastructure and aligns with the Kingdom's Vision 2030 goals of economic diversification and localizing strategic industries.
The partnership will be executed in two key phases to ensure a swift market entry and a robust long-term manufacturing strategy.
In the first phase, Shilpa Group will supply finished products in bulk for repackaging at the new JVC’s facility.
This ensures a rapid market entry for key products. Concurrently, PPI will be responsible for establishing this fully-equipped manufacturing facility with technical input from Shilpa Group.
In phase-2, Shilpa Group will execute a full technology transfer of its manufacturing processes to the JV. This will empower the JV to commence local production of finished products.
As part of the agreement, Shilpa Group will provide technical support for the transfer of the project site to the JVC. PPI will be responsible for equipping the facility with all necessary infrastructure and packaging equipment to meet international standards.
Shilpa Group will be responsible for preparing the complete regulatory registration dossier in compliance with the Saudi Food and Drug Authority (SFDA) and will lead the process of obtaining the necessary market authorization.
Vishnukant Bhutada, MD of Shilpa Medicare, said: "We are excited to partner with PPI, this JV combines PPI's unmatched local strength with Shilpa’s innovative technology to improve healthcare in the Kingdom.
PPI is the ideal partner to make our products more accessible. This JV underscores our commitment to Saudi Arabia and will consolidate our presence across the MENA region."
Shilpa Medicare is a manufacturer of API, formulation, and development services.
The company's consolidated net profit surged to Rs 46.89 crore in the quarter ended June 2025 as against Rs 14.06 crore during the previous quarter ended June 2024. Sales rose 9.90% to Rs 321.46 crore in Q1 FY26 as compared with Q1 FY25.
The scrip rose 0.52% to currently trade at Rs 827.75 on the BSE.