The headquarters of Teva pharmaceuticals.
this story is by
Yoram Gabison
Teva Pharmaceutical Industries and Procter & Gamble will develop a $45 million joint venture factory in the Indian state of Gujarat to make non-prescription medicines.
The plant, in the city of Sanand, will initially employ 500 people and produce medicines for both the domestic market and for export. The two partners plan to double the plant at a later stage at another $45 million investment.
The companies will not formally announce the project until they sign a memorandum of understanding with the government at a conference in January 2013.
Teva holds 49% and P&G the remaining shares in the venture.
