Coral Laboratories is setting up a new formulation plant in Uttaranchal at an investment of Rs. 28 crore. The company has acquired 80,000 sq. ft. plot of land in Pharma city, Selaqui, Dehradhun and the project is in full swing.
The project will set up as per UK MHRA and US FDA standards. The whole project is divided into three parts. Project no 1 has already commenced manufacturing of general liquid & ointments whereas tablets & capsules production will start by end of August 2006. 'Betalactum' under project no 2 shall start manufacturing by end of December 2006. The third project is for 'injectables' and shall commence production by June 2007.
The funds for the projects will be met by internal accruals of Rs 5 crore term loan of Rs 3 crore from Bank of Baroda & for balance amount of Rs 17 crore, the company is looking various equity options such right issue, public offer or private placement etc. The state of Uttaranchal is known as tax-heaven for the industries.
Coral Laboratories Ltd has started their own marketing with 200-trained field force, which will contribute additional sales of Rs l0 crore in the current financial year, a company release stated.
The company has state of the art formulations manufacturing plants at Baroda and Daman. The expansion of Daman plant is completed. The company recently received WHO and GMP certification of Daman plant.