Ties up with three pharma companies.
Dow Chemical International Pvt Ltd (Dow India), a step down subsidiary of US-based speciality chemicals giant Dow Chemicals is jointly working with three leading Indian pharmaceutical companies for manufacturing special polymer called Polyox in India.
Polyox is a special polymer used as as drug coating. Polyox is for smoother release of drug in human body. The special polymer coated on drugs swells when it comes in contact with water. “The coating is used to release more drug in one go. In simple words, only one polymer coated pill is required instead of four pills a day. Polyox makes drug transportation easier,” said Dr Ramesh Ramachandran, president and CEO, Dow India.
“We are currently working with three Indian pharma companies to manufacture this product in India. Dow India will provide required technology for Polyox to these three companies,” he added. However, he refused to divulge the details of these companies and timeframe for the launch of the product in India.
It may be mentioned here that Dow India has inked a joint venture agreement with state-run Gujarat Alkalies and Chemicals Ltd (GACL) to set up 2 lakh tonnes a year chloromethanes plant at Dahej in Gujarat.
Both the joint venture partners are investing close to Rs. 600 crore for the project. Apart from this, Dow India is very bullish about Gujarat for its future projects. The company is also keen to make acquisitions in India.
After the commissioning of Dahej plant, we expect revenues upto Rs. 750 crore a year. “Dow India is expecting a turnover of Rs. 3,000 crore by the end of fiscal 2008-09,” said Ramachandran, who was in Dahej to inaugurate a water purification plant at Jolva village in Dahej area of Bharuch district.
As part of its corporate social responsibility (CRS), Dow India has put up three water purification plants each at Jolva, Ambheta and Vadadla villages. Further the company hopes to set up couple of more such plants in Gujarat.
In addition to the joint venture plant with Dow India, GACL is also implementing various projects to the tune of Rs. 2,500 crore in Dahej area, said Guruprasad Mahopatra, MD of GACL.
