Zydus, Sunshine to invest $20m in Sri Lanka
Zydus Lifesciences and Sunshine Healthcare Lanka on Friday announced a 50:50 joint venture to build a pharmaceutical manufacturing facility in Sri Lanka, with a total
Zydus Lifesciences and Sunshine Healthcare Lanka on Friday announced a 50:50 joint venture to build a pharmaceutical manufacturing facility in Sri Lanka, with a total investment commitment of over $20 million.According to a stock exchange filing, Zydus will invest up to $5 million in one or more tranches to acquire 50% equity in the newly incorporated Zydus Sunshine Lifesciences.The facility will come up in the Horana Export Processing Zone and will manufacture pharmaceutical products for Sri Lanka's retail market.
The companies said the project aims to strengthen local production, reduce import dependence, improve access to medicines, and enhance supply-chain resilience.Also read: Delhi CM Rekha Gupta directs district administration to inspect Shalimar Bagh's Fortis HospitalThe joint venture combines Zydus' manufacturing and technical expertise with Sunshine's local distribution and healthcare network. The partners also expect the project to support technology transfer, local capability building, and job creation in Sri Lanka.Construction has formally commenced with the foundation stone laid on June 26, the companies said.Speaking on the partnership, Dr. Sharvil P Patel, Managing Director, Zydus Lifesciences Ltd said, “We have always believed that strong local capabilities are key to resilient healthcare ecosystems.
By combining Zydus’ global experience and manufacturing excellence with Sunshine Holdings’ local expertise, this collaboration marks an important step in strengthening Sri Lanka’s healthcare ecosystem and building sustainable pharmaceutical capabilities for the future.”"This partnership is a strategic investment
in Sri Lanka’s healthcare security and industrial growth. Together with Zydus, we aim to enhance local pharmaceutical manufacturing, create skilled employment, and improve access to essential medicines for Sri Lankan consumers," said Shyam Sathasivam, Group CEO Sunshine Holdings PLC.
The BriefWire