Financial Daily from THE HINDU group of publications
Wednesday, Sep 07, 2005
Financial Daily from THE HINDU group of publications Wednesday, Sep 07, 2005 |
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Corporate
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Announcements Cipla chief dismisses rumours of stake sale Our Bureau
Mumbai , Sept. 6 DRUG major Cipla has put a lid on speculation that its promoters were interested in selling their stake in the company. "As matters stand today, we have no intention of selling the company," Dr Yusuf Hamied, Chairman of the company, told shareholders at a meeting here on Tuesday. The rumour mills have been agog that Cipla has been in talks with multi-national drug companies such as Pfizer, Sandoz, Teva and local drug major Ranbaxy. "I have not been talking to anyone," Dr Hamied told Business Line, after the shareholder meeting. The company will invest about Rs 300 crore towards capacity expansion at all its facilities in Baddi, Patalganga, Kurkumbh, etc. The facilities need to be upgraded in view of the stringent requirements in the global market, he said. On the recent acquisition of Ivax by Israeli generics company Teva, Dr Hamied said there was no impact on Cipla yet, as the company had alliances with both entities. Meanwhile, he said the company expected to clock a 15-per cent growth in sales in the financial year 2006. Profits will be in line with the previous year, he said. Exports will be a thrust area for Cipla in future. The company spends about 4 per cent of its turnover on research and development.
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