Mumbai (India) -- Elder Pharmaceuticals, a Rs 375-core Mumbai based pharma major, is setting up a joint venture in Ghana for manufacturing pharmaceutical formulations for marketing in Ghana and nearby countries. The company and the local Ghana parter will have equal stake of 50 per cent each. The company is finalizing other formalities and the joint venture agreement will be executed in due course of time.

The company is planning to shift its manufacturing activities to Himachal Pradesh and Uttranchal. This will strengthen its bottom line in near future due to the benefits of lower excise and tax rates.

Further, marketing agreements with foreign firms, introduction of new products, focus on lifestyle segment and also skincare and pediatric areas will likely to boost operations. The entry in Ghana will give necessary access for marketing in nearby countries.