The expansion would be funded through Linc’s internal accruals as well as the funds it would receive from Mitsubishi Pencils
Mumbai: Writing instruments maker Linc Pen and Plastics plans to set up a manufacturing facility in Gujarat with an investment of Rs25 crore, reports PTI.
“We are planning to set up a factory in Gujarat. We hope to make it functional from next financial year. Our capacity will also increase by 20% with that,” Linc Pen managing director Deepak Jalan told PTI.
The company has a factory in Kolkata and a plant near Kolkata in the special economic zone of Falta, which can produce close to 10-12 crore pens per month.
Speaking on the investment in Gujarat, Jalan said, “It will be around Rs 25 crore. We are starting the construction now and it is on Gujarat-Maharashtra border.”
Asked about the funding, Jalan said, “It will be funded through internal accruals as well as the funds we will receive from Mitsubishi Pencils.”
The Kolkata-based firm recently sold 13.5% equity stake to Japan-based Mitsubishi Pencil for Rs20 crore.
“It is basically a strategic tie-up for both companies. By default, it became a stake sale. This tie-up could open more avenues for co-operation like manufacturing here.”
Linc Pen's shares were trading 1.41% up at Rs53.90 per share on the Bombay Stock Exchange, while the benchmark Sensex was 0.33% up at 17,150.95.
The portfolio includes rights to florbetaben, which helps detect beta-Amyloid plaque deposition in the brain, an indication of probable Alzheimer's disease
Mumbai: Drugmaker Piramal Healthcare said it has entered into an agreement to acquire worldwide rights to the molecular imaging research and development portfolio of Bayer Pharma AG, reports PTI. Financial details of the deal were not available.
The portfolio includes rights to florbetaben, which helps detect beta-Amyloid plaque deposition in the brain, an indication of probable Alzheimer's disease.
Detection of beta-Amyloid depositions is expected to result in earlier diagnosis and more specific treatment of Alzheimer's disease, Piramal said.
“The company signed an agreement to acquire the worldwide rights to the molecular imaging research and development portfolio of Bayer through its newly created subsidiary, Piramal Imaging SA,” Piramal Healthcare said in a filing to the BSE.
Ajay Piramal, chairman of the Piramal Group, said the acquisition was the second of late stage assets after a similar transaction of BioSyntech assets in 2011.
“We plan to build a promising portfolio in the pharma space, including our newly acquired Molecular Imaging assets, which will help us create a global branded pharma business,” he said.
As per the agreement, Piramal will have the intellectual property (including patents, trademarks and know-how), worldwide development, marketing and distribution rights of the lead compound florbetaben as well as other clinical and pre-clinical assets of Bayer's molecular imaging business, the filing said.
Further, core members of Bayer's research and development team working on the portfolio will be joining Piramal Imaging, which will carry forward the development of florbetaben and take it through regulatory approval processes worldwide.
Piramal is planning to file for regulatory approvals in 2012.
Piramal Healthcare's shares were trading 1.35% down at Rs444.25 per share on the Bombay Stock Exchange, while the benchmark Sensex was 0.12% up at 17,114.56.
RINL sales were up 6.5% in 2011-12 at 3.5 million tonnes of steel that helped it to clock a turnover of Rs14,457 crore
New Delhi: State-run Rashtriya Ispat Nigam (RINL) said it clocked the best-ever annual turnover in 2011-12 at Rs14,457 crore, buoyed by a growth of 6.5% in sales, reports PTI.
“Our sales were up 6.5% in 2011-12 at 3.5 million tonnes of steel. This has helped us to clock our best-ever turnover at Rs14,457 crore, up 26% than the previous fiscal,” a company official said.
The official said the company produced 3.4 million tonnes in the last fiscal, utilising 113% of installed capacity.
Of the total sales, 2.25 million tonnes were of special grade, which helped the company to fetch a premium, he said justifying the "robust" growth in the topline.
“This will also help the company to record highest-ever profitability,” he added.
With higher sales, RINL has increased its market share in eastern, northern and western regions. Its sales were up 22% in east, 13% in north and 10% in west, during the last fiscal.
The higher sales have also helped the company to bring down its inventory level to the lowest since inception at 72,000 tonnes, which is equivalent to the production of just six-seven days, the official added.
RINL has set a target of Rs15,000 crore turnover for the current fiscal. It is likely to file the draft prospectus for its upcoming initial public offer (IPO) by June.