SII buys 50% stake in pharma firm that provide glass vials to store Covishield - Hindustan Times
close_game
close_game

SII buys 50% stake in pharma firm that provide glass vials to store Covishield

ANI | | Posted by Sharangee Dutta, Hindustan Times, New Delhi
Aug 17, 2021 09:41 PM IST

The Pune-based Serum Institute of India's CEO Adar Poonawalla said in a statement that securing supply chain is of "strategic importance."

The Serum Institute of India (SII) in Pune acquired a 50 per cent stake in SCHOTT Kaisha to become SCHOTT's joint venture partner and secure the pharma packaging supply, the biotech company announced on Tuesday.

The SII has bought the 50 per cent stake in the Indian joint venture SCHOTT Kaisha from former co-owners Kairus Dadachanji and Shapoor Mistry.
The SII has bought the 50 per cent stake in the Indian joint venture SCHOTT Kaisha from former co-owners Kairus Dadachanji and Shapoor Mistry.

SII acquires 50 stake in pharma packaging firm Schott Kaisha

Hindustan Times - your fastest source for breaking news! Read now.

"Securing supply chain is of strategic importance...As a longtime customer, we use their vials, ampoules and syringes to store vaccines, including Covishield" CEO Adar Poonawalla said in his statement.

SCHOTT is a company that is providing glass vials globally to key vaccine manufacturers.

The SII has bought the 50 per cent stake in the Indian joint venture SCHOTT Kaisha from former co-owners Kairus Dadachanji and Shapoor Mistry.

Dr Frank Heinricht, CEO of SCHOTT said, "As India has steadily established its position as a global pharmaceutical hub, we are delighted to strengthen our footprint within the Indian pharma supply chain. We are looking forward to strong impulses from this partnership."

Also Read | Serum Institute joins hands with CII to accelerate vaccination in rural areas

Eric L'Heureux, the new managing director and former longstanding head of operations with the venture said, "We have significantly increased our production capacity in India. Over the last three years, we have invested roughly 600 crores to set up two new plants in Gujarat's Umarsadi and Himachal Pradesh's Baddi, and to secure uninterrupted supply in our existing facilities during the pandemic."

The fact that SCHOTT has an integrated value chain, covering also the glass tubing the packaging is made of, further helped to secure the supply chain.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business Newsalong withGold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, February 23, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On