Vardhman Lifesciences Pvt Ltd, a 50 per cent subsidiary of Chandigarh-based Vardhaman Chemtech Ltd, is planning to set up a fermentation facility for bulk drugs and intermediates at Cuddalore in Tamil Nadu, with an investment of around Rs 295 crore.
The company is currently upgrading the bulk drug facility bought through auction from JK Pharma, in 2009. It expects commercial production at the facility to commence in the last quarter of current fiscal, according to Deepak Mahajan, chief financial officer, Vardhman Lifesciences.
“Out of the total investment, around Rs 120 crore would be from our internal accruals. We have arranged another Rs 175 crore through term loans to upgrade the facility,” said Mahajan. However, he refused to reveal the amount infused in buying out the facility, saying that it was not part of the Rs 295-crore investment plan. He said the company would go for working capital infusion, a mix of debt and equity, once the plant is ready for operation.
The company envisages the plant to bring in a revenue of around Rs 150 crore in the first year of operation, out of which almost 40 per cent is expected from exports. The facility, in an area of around 60 acre, consists of seven bioreactors with a capacity of 160 kl each, with complete facility of downstream processing. “This is the first facility in India to manufacture potassium clavulanate. We are planning to export the product to Middle East, Africa, Europe and US markets,” said Mahajan.
The commercial production would start with manufacturing of clavulanic acid and later expand to fermentation processes, said an official related to Cuddalore facility. Once completed, the facility would offer bulk drugs and intermediates from fermentation stage to pharmaceutical companies. The company bought the facility from JK Pharma as an asset purchase when it came for auction through court procedure. It has posted a turnover of Rs 250 crore in the last fiscal.
For More details
Vardhman Lifesciences Pvt Ltd Cuddalore Contact Details
Works :
A-7, Sipcot Industrial Complex,
Cuddalore,
Tamil Nadu, 607005.
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