Financial Daily from THE HINDU group of publications
Saturday, May 17, 2003
Financial Daily from THE HINDU group of publications Saturday, May 17, 2003 |
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Corporate
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Research & Development Shasun Chem to spend Rs 120 cr on R&D in next 3 years Our Bureau
CHENNAI, May 16 SHASUN Chemicals & Drugs has planned to pump in Rs 120 crore over the next three years towards capital expansion. The money will be raised through a mix of debt and internal accruals, said an official. Following speculation in the media about the company's attempt to privately place equity with institutional investors, the National Stock Exchange (NSE) requested the company for a clarification. The company has indicated that a private equity placement is not on the agenda at the moment. According to Mr S. Vimal Kumar, Finance Director, Shasun Chemicals, the company intends to inject Rs 120 crore over the next three years towards a new research & development centre, a new tablet manufacturing facility, and a multi-purpose bulk drug facility. The bulk drug manufacturing facility is to be established in Cuddalore, while Pondicherry is likely to be the location for the tablet manufacturing facility. In January 2003, the company said that the tablet manufacturing facility is expected to cost Rs 20 crore, and is meant to complement the existing bulk drug business. Shasun has a significant presence in the global market for the painkiller, Ibuprofen. Mr Vimal Kumar indicated in January 2003 that Pondicherry is likely to be the venue for the tablet manufacturing facility because the centre provided an opportunity to avail income-tax concessions if the plant is up and running before March 2004.
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