The present invention relates to a process for the preparation of (5-methyl-2-oxo-l,3- dioxol-4-yl)methyl 2-ethoxy-1 - {[2"-(5-oxo-4,5- dihydro-1,2,4-oxadiazol-3-yl)biphenyl-4-yl] methyl} -lH-benzimidazole-7-carboxylate compound of formula-1 and its pharmaceutically acceptable salts.