New Delhi, July 21, IRNA-The rs300 crore Ind-Swift Laboratories, the bulk drug arm of the Delhi-based Ind-Swift group, is in talks with an Iranian pharmaceutical company to set up a joint venture in Iran, reports 'Business Standard'.

Initially, Ind-Swift plans to invest rs50 crore ($10 million) in the joint venture. The investment will increase once the operations are scaled up to actual market requirement, said a source close to the joint venture talks.

Currently, the companies are in the final stage of talks. Besides equity collaboration, the venture would involve technology transfer and marketing alliance as well.

Ind-Swift managing director Navratan Munjal confirmed that the company was floating a joint venture in the Middle East. However, he declined to reveal the identity of the overseas player.