The Hindu Business Line : Phlox merger with Sun Pharma may have to wait for BIFR nod

THE merger proposal of Phlox Pharmaceuticals with its parent company Sun Pharmaceuticals may have to be put on hold for a while. The ailing Phlox Pharmaceuticals is still awaiting the Board for Industrial and Financial Reconstruction nod.

According to Sun Pharma officials, this Vadodara-based company would have to come out of the BIFR-fold before it can be merged with the parent. "We are seeking BIFR permission for the merger," said a company official.

The company was registered with BIFR in 2003. As per the financial details, its net worth of Rs 23.61 crore was wiped out by accumulated losses of Rs 25.18 crore. Official sources said that the hearing is yet to be scheduled.

Also, since the merger proposal of Phlox Pharma with the company is pending, the financial accounts for 2003-04 was not confirmed at the last annual general meeting. Phlox was set up by an expatriate and manufactured certain bulk actives with a workforce of about 60.

Meanwhile, the board of directors of Sun Pharmaceuticals is expected to meet on February 8 to take up the issue of merging three other subsidiaries with it. These are investment companies - Bazley Finvest, Dhaval Finvest and Manish Finvest. Certain investments on fixed assets were made by these subsidiaries.

Sun Pharma's market share in November 2003 stood at 3.27 per cent, up from 3.08 per cent recorded in the November before that. The company claims that its growth rate has been twice that of the industry rate of growth.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Ford to launch upgraded Mondeo by month-end

HM mulls launching cheaper version of Lancer, Pajero

Reliance Infocomm misrepresented facts on overseas calls: DoT

BSNL challenges TDSAT order on extending tariff cut to pvt operators

Even with rating upgrade — Corporates prefer rupee term loans to ECBs

Essar Oil raises $213 m via foreign convertible bonds

Pantaloon to pick up 49 pc stake in Planet Sports for Rs 14. 2 crore

Phlox merger with Sun Pharma may have to wait for BIFR nod

SAIL may have to dig out Rs 150 cr for Australian coalmine

Delhi Metro, BEML sign MoU

Damodar Valley Corp, SAIL in talks for second jt venture

Tata AutoComp gearing up for global investments

`NDTV Profit doing well'