Ranbaxy to Set Up JV in Mexico

Ranbaxy Laboratories will set up a majority-owned joint venture in Mexico to tap the growing demand for generic drugs there. The joint venture with a Mexican firm will cater to the marketing and distribution demands of the local market. The proposal was cleared by the Ranbaxy board recently. The move is part of the company's Garuda vision to become a $5 billion company by 2012. About a year back, the company had picked up a controlling stake in France-based RPG (Aventis), besides setting up a subsidiary in Spain.

Rediff.com (http://www.rediff.com/money/2005/feb/21ran.htm)