Financial Daily from THE HINDU group of publications
Wednesday, May 18, 2005
Financial Daily from THE HINDU group of publications Wednesday, May 18, 2005 |
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Corporate
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Announcements Gulf Oil drug making unit to begin production soon Pratim Ranjan Bose
Kolkata , May 17 THE bulk drug manufacturing facility of Gulf Oil Corporation Ltd in Hyderabad will be operational by June. Previously, the company had planned to begin commercial production by the last quarter of the last fiscal and had launched an upgradation and modernisation programme. The unit is expected to produce six anti-allergic and cardiac bulk drug combinations for domestic and export markets, during the first year of operation. In the second phase, the company plans to roll out anti-diabetic combinations. Gulf Oil had acquired a closed pharmaceutical facility in June 2004 as an extension of its speciality chemicals business. The acquisition also marked the launch of its fourth business division after lubricants, contract mining and explosives. The company also plans to expand into biotech and other chemicals manufacturing. Company sources said the modernisation programme, which had undergone some minor changes, is now in the final stages of completion and the plant would be operational in a few weeks. On the marketing front, they said the company had no plans of entering the formulations market and would primarily be looking for contract manufacturing of bulk drugs. While negotiations for contract manufacturing are on and a few companies have also expressed interest in Gulf Oil's proposed products, the company has to wait for at least six months to clear the stability test, which is mandatory for entering into any such contracts.
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