Financial Daily from THE HINDU group of publications
Tuesday, Sep 20, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 20, 2005 |
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Corporate
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New Projects Natco Pharma to invest Rs 50 cr in expansion C.R. Sukumar
Hyderabad , Sept. 19 HAVING successfully raised $13.5 million in the global market through foreign currency convertible bonds (FCCBs) recently, Natco Pharma Ltd (NPL) has chalked out expansion and modernisation programme with investments of over Rs 50 crore. The capital expenditure plans include setting up of a Rs 10-crore finished dosage formulations facility at Dehradun in Uttaranchal to avail itself the benefits of excise duty and income-tax exemptions. The company is also looking at acquisitions and various other options including trading in non-pharmaceutical products to boost its profitability. "The company is serious on inorganic growth and is looking around for possible business opportunities. The avenues being looked at are acquisition of brands/marketing companies/facilities abroad," the NPL Director (Finance), Mr P. Bhasakara Narayana, told Business Line. The proceeds of the FCCB issue are being used to finance the capital expenditure requirements, he said. The company plans to utilise the Dehradun facility for manufacture of formulation products for sale in India. The plant is expected to go into operation before the fiscal-end. The company proposes to use the Kothur facility exclusively for supplies to the US and Europe. Natco also proposes to set up a dedicated cytotoxic oncology block for the manufacture of active pharmaceutical ingredients (APIs) at its Mekaguda facility. "The new block will cost around Rs 18 crore and should be operational by April 2006," he said. The company also plans to set up another production block dedicated for high value, low volume speciality peptide APIs. This is expected to be operational by year-end.
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