Laurus Labs (NSE:LAURUSLABS, BOM:540222) has received board approval to invest 833 million Indian rupees in the company's joint venture company KRKA Pharma, according to a Thursday filing to the Indian stock exchanges.
The company's joint venture partner KRKA d.d., Novo mesto, Slovenia will also invest 867 million rupees in KRKA.
Both joint venture partners will maintain their shareholding ratio of 51:49 between KRKA d.d., Novo mesto and Laurus Labs.
The investment is expected to be completed by March 31.
The additional investment will be used by KRKA Pharma to acquire land and to meet the initial cost of setting up of a manufacturing facility for production of finished products for the new markets, including the Indian market.
Shares of the company were up over 1% in recent trade.
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