In 2004, the two companies decided to set up a joint venture that would help to increase Richter’s synthetic capacity in the most efficient way in a highly competitive environment.
The new company, Richter-Themis Medicare (India) Private Ltd., is located in India’s Gujarat state, in the town of Vapi. The shareholding ratio is 51% Richter and 49% Themis Medicare. Total budget for the project amounted to 15 million USD. The company started operations in 2006, as scheduled.