Financial Daily from THE HINDU group of publications
Tuesday, Dec 03, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 03, 2002 |
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Corporate
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Mergers & Acquisitions Ind-Swift buys PSIDC stake in Laboratories Our Bureau
MUMBAI, Dec. 2 THE Chandigarh-based Ind-Swift Ltd has bought out Punjab State Industrial Development Corporation's 23.14 per cent stake in Ind-Swift Laboratories at an average price of Rs 31-32 per share amounting to Rs 8 crore. Speaking to presspersons here today, Mr V.K. Mehta, Joint Managing Director, Ind-Swift Laboratories, said that the company will consider merging the two entities. "Consolidation of all our associated entities in the pharmaceutical business is on the cards. Merging Ind-Swift Laboratories into Ind-Swift Ltd is a possibility,'' he said. Following the buyback, Ind-Swift Ltd would up its stake in the company from 37 per cent to over 60 per cent. The whole procedure is expected to be completed in the next two months. Dr G. Munjal, Joint Managing Director, Ind-Swift Ltd, said: "The group's current turnover is approximately Rs 275 crore and we expect it to reach Rs 500 crore by 2005 by way of consolidation, merger and acquisitions.'' On the future focus of the Ind-Swift group, Mr Mehta said that the thrust would be on the regulated markets, mainly the US and Europe. Ind-Swift group is focusing on filing patents by developing non-infringing process of finished dosages based on novel drug delivery systems (NDDS) and developing non-infringing alternate manufacture processes for active pharmaceutical ingredients (APIs). In the next three years, the group is planning a capital outlay of about Rs 50 crore, which includes the new Food and Drug Administration (FDA) approved dosage form facility and upgradation and capacity enhancement of existing facilities, Mr Mehta said. The group also plans to apply for two ANDAs (Abbreviated New Drug Applications) by 2005-06 and explore international joint ventures by offering support in filing DMF (Drug Master Files) for APIs and dossiers for finished doses.
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