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PNN
Mumbai (Maharashtra) [India], January 4: Medicamen Organics Limited (MOL) (NSE- MEDIORG) one of the leading manufacturers of pharmaceuticals and health products, is pleased to announce the incorporation of a new subsidiary, Grande Etoile Pharmaceuticals Limited (GEPL). GEPL, established as a public limited company in India, has an initial authorised capital of Rs 1 Cr and paid-up share capital of Rs50 Lakh. The shareholding structure consists of 50.92% ownership by Medicamen Organics Limited and 49.08% by other shareholders. Also, the company acquired 2,54,600 equity shares at par, with a face value of Rs10 each. The primary objective of GEPL is to strengthen the company's footprint in the Pharmaceuticals, Healthcare, and Cosmetics industry. The acquisition aligns seamlessly with the company's strategic goals. The subsidiary will focus on distribution and exports of pharmaceutical products, including medicines, antibiotics, vaccines, and dietary supplements, as well as cosmetics and personal care items. This initiative is part of the company's broader strategy to diversify its portfolio, enhance its distribution network, and explore new market opportunities in the evolving healthcare and wellness industry. Medicamen Organics Limited is committed to fortifying its presence internationally through strategic acquisitions aimed at building a strong footprint in the pharmaceutical sector. This initiative is poised to serve as a catalyst for sustained business growth in the years to come. Commenting on the Subsidiary, Bal Kishan Gupta, Managing Director said, " This is a pivotal step in enhancing company's standing as a leader in the healthcare and pharmaceuticals industry. The establishment of Grande Etoile Pharmaceuticals Limited not only reinforces our commitment to innovation but also enables us to address the rapidly growing demand for quality healthcare products across diverse markets. By broadening our portfolio and increasing our operational scope, we are positioning the Company to unlock new growth opportunities, brand promotion and faster penetration in key markets. We believe this move will not only contribute to financial performance but also enable us to play a more meaningful role in improving access to affordable and reliable healthcare solutions globally." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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