| 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. |
| When the new plants are commissioned, the company plans to convert its formulations unit in Bangalore to cater to the growing contract research and manufacturing business, said Siroya. |
| The company is building its formulations brand portfolio in the therapeutic segments for lifestyle disorders like diabetes and cardiac ailments. Both the therapeutic segments are growing at 16 per cent in volume terms as per the ORG-IMS market intelligence. |
| On the API front, according to Siroya, the company intends to focus on manufacture of niche APIs. The company is the only manufacturer in India of Gliclazide, an anti-diabetes API, whose demand is growing both in Indian and global markets. |
| During the financial year 2003-04, the company posted a turnover of Rs 62 crore and for nine months of financial year 2004-05 it registered Rs 49 crore a turnover with profit after tax Rs 2.49 crore. |
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