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ODCL proposes Rs 60 cr IV fluid manufacturing unit

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BS Reporter Kolkata/ Bhubaneswar
Last Updated : Jan 24 2013 | 1:49 AM IST

Orissa Drugs & Chemicals Ltd. (ODCL), a joint venture between Indian Drugs & Pharmaceuticals Ltd (IDPL) and Industrial Promotion and Investment Corporation of Orissa Limited (IPICOL), proposes to set up a IV Fluid (Intravenous fluids) manufacturing unit with an investment of Rs 60 crore.

The company, currently engaged in manufacturing and supply of life saving drugs to the state and adjoining states at reasonable prices, has sent a proposal to the Union Chemicals and Fertilizers ministry in this regard.

“The ODCL management has proposed for setting up a manufacturing plant for producing plastic bottle IV Fluids with an investment of Rs 60 crore. The plant will come up over an area of four acres which is lying vacant in the ODCL premises. I will discuss with my ministry officials on how to provide funds to the medicine company at the earliest,” said Srikant Jena, Union minister of state for Chemicals and Fertilizers.

ODCL, a loss making entity till 2010, was on the verge of shutting down its operations, before its fortunes turned around with Jena taking keen interest in its revival. He had facilitated sanction of Rs 4.62 crore from Department of Pharmaceuticals for plant upgradation, out of which Rs 1.21 crore has already been released.

With the infusion of this fund, the company has stepped up its production and clocked a turnover of Rs 11.65 crore in 2011-12 as against only Rs 33.82 lakh in 2004-05. Similarly, it has posted profit for last two years after suffering consecutive losses in the years previous to that. The company clocked a profit of Rs 85 lakh in the last fiscal compared to a loss of Rs 1.47 crore in 2004-05.

Jena insisted that IPICOL, which had withdrawn its directors from the company when it was going through the rough patch, should re-induct its directors in the company board and urged the state government to continue their preferential purchase from ODCL.

Jena, who also reviewed the status of availability of generic medicines in Odisha, said in SCB medical college , the government will build a model Jan Ausadhi store within a month for supply of generic medicines and the store operating at Red Cross Bhavan will be upgraded for providing 24x7 services.Rs

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First Published: Jun 09 2012 | 12:01 AM IST

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