Shilpa Medicare Limited has signed a MoU to form a joint venture company to manufacture drugs and pharmaceuticals with ICE S. r. l. and PCA S. p. a of Italy.

The joint venture company will be called as Raichem Medicare (P) Limited.

It should be noted that Shilpa Medicare Limited and ICE S. r. l. are working together for the last seven years for custom synthesis under confidentiality agreement, and the success of this led into formation of joint venture.