Granules India's (GRAN) Vizag facility was inspected by the US FDA in Dec-16, post which it was issued seven 483 observations. This is a new facility, and currently the JV is manufacturing pre-APIs from this facility. EIR will clear the road for the JV to reach out to innovators to supply APIs. We expect GRAN to make APIs in 2HFY19E from this plant (~12-15 months will be required for making exhibit batches and site transfers). This would lead to margin inflection (from ~21% now to ~30% by 2HFY19E). Granules-Omnichem JV a potential cash cow: This is a 50:50 JV between...