Shilpa Medicare Ltd., the manufacture and exporter of bulk drugs, has informed that the company has purchased 89,540 shares which comprises 99.99% share in LOBA Feinchemie, Vienna, an Austrian company.

These shares have been bought by Shilpa Medicare through its subsidiary ZATORTIA Holdings Ltd., Limmasol, Cyprus.

LOBA is an ISO 9001 certified company, approved by Austrian Ministry of Health and US Food & Durg Administration (FDA) for GMP production of APIs.

Shilpa Medicare engages in manufacturing and exporting pharmaceutical products. It provides active pharmaceutical ingredients, fine chemicals, intermediates, oncology products, herbal products, and specialty chemical products, as well as bulk drugs and non-oncology products.

The company exports its products to United States, Canada, Australia, Japan, European countries, South American countries, African countries, and Asian countries.

Market analysts expect that this acquisition will be helpful to access the highly regulated markets of Europe and the US.

Shilpa Medicare registered 57% increase in net profit at Rs 3.07 crore for the quarter to December 2007. Its sales also increased by 48% to Rs 24.57 crore.