Pharmaceuticals major Nicholas Piramal India (NPIL) has clocked sales of Rs 113 crore in the first quarter of 1999-2000, an increase of 12 per cent from the corresponding period last year.
The turnover calculated as per the US generally accepted accounting practices shows an increase of 17 per cent at Rs 187 crore.
The sales of the company inclusive of its various joint ventures and alliances is up 19 per cent to Rs 273 crore. NPIL expects to clock sales in the vicinity of Rs 1,200 crore in the current fiscal.
More From This Section
As part of its continuous restructuring process, it has announced a voluntary retirement scheme (VRS) for the 300 employees of its manufacturing facility in Deonar, Mumbai.
If successful, manufacturing can be shifted out of there to its facilities at either Pithampur or Mahad, company chief executive officer Francis Pinto said at the company's annual general meeting held here yesterday. Also, if subscribed to entirely, the VRS will cost the company close to Rs 15-20 crore, he said.
The space would then be used to expand the research and development facilities, he said.
The Quest institute of Life Sciences for R & D acquired from Hoechst Marion Roussel last year, is in the process of isolating two new chemical entities in the therapeutic segment of cardiovasculars for which patents will be filed in 2000. Four others are moving quite strongly.
NPIL is also planning on setting up a 100 per cent export oriented unit with equity partners LaPorte of Great Britain and Finnish company Cultor.