Alembic Pharmaceuticals has announced the incorporation of a new subsidiary, Alembic Lifesciences Philippines Inc., in the Philippines. The new entity has a share capital of Philippine Pesos 12,000,000, divided into 1,200,000 shares valued at Philippine Pesos 10 each. Currently, the subsidiary has not commenced business operations, and therefore, its turnover stands at nil.
The establishment of Alembic Lifesciences Philippines Inc. is not classified as a related party transaction, and there is no involvement of the promoter group or group companies in this incorporation. The subsidiary will operate within the pharmaceuticals industry, aligning with Alembic Pharmaceuticals‘ main line of business.
The primary objective behind this move is to explore new business opportunities in the Philippines. The subsidiary aims to promote, sell, and distribute pharmaceutical products of Alembic Pharmaceuticals in this new geography. No governmental or regulatory approvals were required for the incorporation, and the company holds a 99.99% stake in Alembic Lifesciences Philippines Inc.
This strategic expansion is part of Alembic Pharmaceuticals’ ongoing efforts to broaden its market presence and explore new avenues for growth in international markets.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).