India’s Ministry of Corporate Affairs has granted formal approval to Balaxi Ventures Ltd to change the company’s name to Balaxi Pharmaceuticals Ltd. The move received shareholder okay last month at the company’s annual general meeting.
Hyderabad, India-based Balaxi supplies “frontier” markets in Angola, Guatemala and the Dominican Republic with branded, generic and over-the-counter medicines that address multiple therapeutic segments. The products are procured from World Health Organization GMP-certified contract manufacturers based in India, China and Portugal.
“Considering our focus on pharma business, it is only apt that the company’s name reflects our brand proposition,” Ashish Maheshwari, managing director, commented regarding the name change.
The company maintains an on-ground presence with 38 warehouses and a distribution network featuring a fleet of company-owned vehicles. It reports that it currently is building a branded fast-moving-consumer-goods (FMCG) business to complement its pharmaceutical operations while taking advantage of its established on-ground infrastructure and channel relationships.