Bal Pharma to sell Pune unit
Bangalore-based pharmaceutical company, Bal Pharma, plans to sell its unit III at Pune on a ‘going concern basis’ to Sunways India, Mumbai for Rs 5 crore.
A decision to this effect was taken at the board of directors meeting held on Tuesday. The board also plans to place the matter before shareholders for the sale consideration and approval by postal ballot.
For the year-ended March 2004, the company earned 60 per cent of its revenues from branded formulations and generics. Exports accounted for 18 per cent of sales.
Recently, Shailesh Siroya, managing director, Bal Pharma said the company had initated a move to invest Rs 32.75 crore to set up two new manufacturing facilites for active pharma ingredients (APIs) and formulations.
The company has decided to set up an APIs plant near Bangalore with an investment of Rs 13.75 crore and for formulations with investment of Rs 18.52 crore at a north Indian location.
Currently the company has three plants, out of which a formulations facility and an API research cum manufacturing facility are located in Bangalore, and a facility to manufacture large volume and small volume parenterals is located in Pune.
More: business-standard.com
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