This S&P BSE Smallcap stock has a market cap of Rs. 1,342 crore and rose around 13.5% with volumes that are over 3x monthly average volumes and also made a new 52 week high at Rs. 43.90.
The stock gained after the company announced a new Joint Venture with Saudi National Projects Investment. The stock trades 1% away from its 52 week high.
In a filing dated 19th October 2023, Sigachi Industries Ltd (“Sigachi’) stated that Sigachi MENA FZCO, a wholly owned subsidiary of the company, incorporated in Dubai, has announced formation of a Joint Venture (JV), “Sigachi Arabia”, with Saudi National Projects Investment Limited (SNP) to enter the rapidly growing Saudi Arabian Market.
Pharma (excipients and APIs), Food and Nutrition, and Operations and Management (O&M) will be managed by separate companies under the ownership of Sigachi Arabia, a holding company.
A manufacturing facility is also expected to be built in Riyadh in about 3 years, initially to serve the local market and later, the GCC nations. In the JV, Sigachi MENA FZCO will own 75% of the shares while SNP holds 25%.
Mr. Amit Raj Sinha, CEO of Sigachi said “We are excited to partner with SNP to establish our presence in the Saudi Arabian market. SNP’s deep understanding of the local market and regulatory landscape, as well as their track record of success in executing and closing deals, make them the ideal partner for us.”
Saudi National Projects Investment Ltd. is an advisory investment company that offers comprehensive local and international expertise for forming successful alliances. The business has created proprietary analytical frameworks based on solutions for businesses in China and Saudi Arabia.
Sigachi Industries Limited is a pharmaceutical company with a stellar reputation for providing high-quality excipients, vitamin mineral nutrient blends, API, and O&M services. It is a publicly traded company on the NSE and BSE.
Sigachi has become a dependable partner for pharmaceutical and nutraceutical companies operating in 62 countries thanks to its more than 33 years of industry experience. Five multi-locational facilities located in Telangana, Gujarat, and Karnataka produce the company’s broad range of products.
Written by Sandeep R
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