Home Latest Stories Serum Institute Buys 50% Stake In Schott Kaisha, India's Largest Vial Maker

Serum Institute Buys 50% Stake In Schott Kaisha, India’s Largest Vial Maker


Serum Institute Buys 50% Stake In Schott Kaisha, India's Largest Vial Maker

“Securing this supply chain is of strategic importance,” said Adar Poonawalla (File)

Bengaluru:

Serum Institute of India has bought a 50% stake in vials maker Schott Kaisha, the companies said on Tuesday, as the world’s largest vaccine maker aims to secure pharmaceutical packaging to meet rising demand due to the pandemic.

“Securing this supply chain is of strategic importance,” said Adar Poonawalla, chief executive officer of Serum Institute. “As a longtime customer, we use (Schott’s) vials, ampoules and syringes to store our vaccines including (COVID-19 vaccine) Covishield.”

Serum and Schott did not divulge any financial details on the deal in their joint statement. A representative for Schott India in an email said that the two partners have decided not to disclose the value of the deal. Serum did not immediately respond to a Reuters request for comment.

Schott Kaisha is a joint venture between specialty glass makers Schott AG from Germany and India’s Kaisha, producing the highest number of ampoules and vials in the country at around 2.5 billion units per year.

In May, a Schott Kaisha executive told Reuters that the company expected to sell 380 million vials for COVID-19 vaccines in 2021-22, up from 113 million a year earlier.

Coronavirus cases in India have sharply dropped from the devastating peak of the second wave in April and May. The country on Tuesday administered a near record number of vaccination doses in the last 24 hours.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



Source link

RELATED ARTICLES

In Landmark Climate Pledge, China Promises To End Coal Funding Overseas

<!-- -->Xi Jinping vowed to accelerate efforts for China to go carbon neutral by 2060 (File)United Nations: China will stop funding coal projects...

Xi Jinping After Biden’s New Cold War Reference

<!-- -->China will firmly oppose political manoeuvering in global Covid origins tracing, Xi Jinping said (File)United Nations: Amidst escalating tension in ties with...

Taliban Names Suhail Shaheen As Afghan UN Envoy, Seeks To Speak To World Leaders

<!-- -->Taliban nominated their Doha-based spokesman Suhail Shaheen as Afghan UN ambassadorUnited Nations: The Taliban have asked to address world leaders at the...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

US Woman, Missing Since Trip With Boyfriend, Confirmed Dead In Homicide: FBI

<!-- -->Gabby Petito had packed her life into a camper van for a cross-country adventure in JulyWashington: The FBI on Tuesday confirmed a...

J&K People’s Trust In PM Indicates ‘Sabka Vikas, Sabka Vishwas’: Smriti Irani

<!-- -->Smriti Irani is on a two-day visit to Jammu and Kashmir (File)Budgam, Jammu and Kashmir: Union Cabinet Minister for Women and Child...

In Landmark Climate Pledge, China Promises To End Coal Funding Overseas

<!-- -->Xi Jinping vowed to accelerate efforts for China to go carbon neutral by 2060 (File)United Nations: China will stop funding coal projects...

Centre Using Divide-And-Rule Policy To Gain Votes: Mehbooba Mufti

<!-- -->Mehbooba Mufti claimed that J&K's unemployment rate is 18% - the highest in the country (File)Jammu: Former Jammu and Kashmir Chief Minister...

Recent Comments