Nicholas Piramal India (NPIL) is spreading its business operations and became a largest custom manufacturing company in India. The revenue from custom manufacturing for international giants is likely to touch Rs 1,000 crore in the current year. The recent acquisitions will also add significantly to topline and bottomline.
While talking to shareholders at company's 59th annual general meeting, Ajay Piramal, chairman said, "NPIL's business is mainly focusing on domestic formulations, custom manufacturing and R&D activities. Acquisition of Pfizer unit in UK will likely to add around Rs 400 crore to company's revenue in the current year. The company acquired Avecia Pharmaceuticals, UK during December 2005 for a consideration of Pound 11.8 million and the integration is going on."
The commissioning of Baddi plant will around Rs 600 revenue in the current year. The patent regime will be beneficial for strong R&D base companies like NPIL. The Domestic formulation business recorded strong growth of 23.9 per cent during the year and as per ORG-MIS MAT report NPIL was the second fastest growing company in the India. The company signed its seventh in-licensing agreement and has taken a 17.1 stake in Biosyntech Inc, Canada, he added.
The company signed three new custom manufacturing agreements from its Indian facilities with includes agreement with AstraZeneca, AB, Pfizer International LLC and a 10 years manufacture and supply agreement with a large global hospital products company.
Meanwhile four directors - G P Goenka, Urvi Piramal, Harsh Piramal and Vijay Shah resigned from the Board of Directors recently. Shareholders approved all the resolutions including appointment of Nandini Piramal as General Manager - Strategic Marketing' in the company from July 1, 2006.