Financial Daily from THE HINDU group of publications
Saturday, Apr 17, 2004
Financial Daily from THE HINDU group of publications Saturday, Apr 17, 2004 |
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Corporate
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New Projects Sunil Synchem launches expansion Our Bureau
Mumbai , April 16 SUNIL Synchem Ltd, a maker of hard-gelatine capsules, is undertaking an expansion at its manufacturing plant in Alwar, Rajasthan. The estimated cost of the expansion project is about Rs 30 crore. Mr Anil Kumarr Khaitan, Chairman of the company, told presspersons that the project would be financed through a term loan of Rs 14.60 crore and the balance through equity. He said that the first phase of the expansion would be completed and operational by March 2005. The plant also plans to go in for clearance from the US regulatory authority by September this year. Meanwhile, the company has tie-ups with companies like GlaxoSmithKline and Ranbaxy among others, to whom it supplies the hard capsule. It currently exports to Africa, North America, South America and West Asian markets and expects exports to account about 40 per cent of its turnover by 2004-05. The Rs 15-crore company expects to close the current fiscal, March 2005 with a sales of about Rs 25 crore. It targets a sales of Rs 41 crore by 2005-06, he said.
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