Chandigarh based Ind-Swift Limited has decided to merge two of its group companies Mukul Pharma and Swift Formulations with the parent company. Pricewaterhouse Coopers has been appointed to determine the entitlement rate for the merger. The valuation as approved by the board involves the exchange of 72 shares of Rs 10/- each of Ind-Swift Ltd for every 10 shares of Rs 100 each of Mukul Pharmaceutical Co Private Limited and 54 shares of Rs 10 each of Ind-Swift Limited for every 10 shares of Rs 100 each of Swift Formulations Private Limited, stated a company release issued here.
The merger is to bring an exclusive syrups manufacturing facility to Ind-Swift that will generate additional revenue of approximately Rs 10 crore in next two years.
The product basket of Ind-Swift Ltd in the post-merger days will include Neurophen & Becmet range in the steroids and hormones segment, anti-spasmodic Neuropas, anti-infective Amibex, herbal drug Distone and Cozy & Phena in anti-histamines which are growing at over 200%, the release claimed.
The Ind-Swift Group, which is projecting a turnover of Rs 500 crore by 2005, has three state-of-the-art manufacturing facilities for finished dosages and active pharmaceutical ingredients. Its API facility is in the process of getting US FDA approval. It also plans for state-of-the-art facility for formulations in near future.
The group is working on 20 new molecules, which include drugs from high growth value added segments such as cardiology, oncology, anti-asthmatic, neurology and anti-alcoholic. The Group has already decided to invest around Rs 50 crore in next three years for new formulation manufacturing facilities and upgradation of existing facilities.
The release also stated that the company plans to get its products registered in all non-regulated markets like Latin America, South East Asia, CIS/Russia by 2004.
Ind-Swift recorded a turnover of Rs 89 crore for the first half of the 2002-03 with a net profit of Rs 5.66 crore which were higher by 50% and 39% than the profits for the corresponding period the previous year.