Ind-Swift Labs board approves investment in JV on 50:50 basis; Stock nosedives 6.5%

9 Feb 2022 , 01:57 PM

Ind-Swift Laboratories Ltd has informed that the Board of the Company has approved an Investment in a Joint Venture on a 50:50 basis.

As per regulatory filing, the name of the target company is INDIS HEALTHCARE LLP which belongs to Healthcare industry.

Objects and effects of acquisition is to explore business opportunities available in the Pharma space other than the pharma segment in which ISLL is already present. The Investment will be an on-going investment to be undertaken from time to time as per the need of the Joint Venture.

Initially the Board has approved an investment of upto Rs10cr, which will be invested over a period of time, said company on Tuesday.

On Wednesday, at around 1:57 PM, Ind-Swift Laboratories was trading at Rs81.20 apiece down by Rs5.75 or 6.61% on the BSE.