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Mumbai , March 29

UNICHEM Laboratories Ltd has acquired an active pharmaceutical ingredients (API) facility at Indore, Madhya Pradesh. The unit was acquired at an investment of Rs 15 crore.

The asset was bought from financial institutions including ICICI, IFCI and SBI under the Securitisation Act, a company communiqué said.

Unichem already has an API facility at Roha, Maharashtra, which will be further augmented with this acquisition.

The note quoted Dr P.A. Mody, Chairman and Managing Director, as saying: "We plan to upgrade this facility for regulatory approvals from the USFDA and other developed markets. The upgradation will be completed within the next 10-12 months at an additional investment of around Rs 20 crore."

Genesis Management Consultancy Services was the investment banker and N.A. Shah Associates the advisors for this transaction, the company said.

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