Pharma major Venus Remedies Ltd said it will invest $1 million to set up its research centre on ‘cell culture’ for developing patented anti-cancer injectables to raise its oncology segment’s share in total revenue to 35% in next two years.
“We will set up a research centre exclusively for cell culture at Baddi (Himachal Pradesh) by February next year with an investment of $1 million...This centre will allow us to develop anti-cancer injectable which can be patented,” Venus Remedies Ltd CMD Pawan Chaudhary said.
“Research in cell culture will help in increasing the efficacy of anti-cancer product,” said Mr Chaudhary. “The bulk of investment will be made on creating infrastructure, necessary for carrying out research in cell culture and hiring scientists,” he informed.
The company, which has a portfolio of 21 anti-cancer products, will soon apply for patents for its two anti-cancer injectable with Indian authorities.
In addition to it, Venus Remedies has also decided to get its facility accredited from Goods Laboratory Practice and National Accreditation Board for Testing and Calibration Laboratories (NABL).
“Currently, there are just few private companies which are accredited with GLP and NABL… But we are hoping to get our facilities accredited by next June which will allow the research data acceptable at global level,” he said.
At present, anti-cancer segment has a share of 27% in company’s total turnover. “We aim to raise the revenue from anti-cancer segment to 35% of total sales in next two years,” he said.
The Panchukula-based company has also plans to roll out four new products for cancer, arthritis diseases in the domestic market next year. It will launch anti-infective medicine ‘Etimicin’, painkiller ‘Achnil’, anti-cancer detection ‘Tumatrek’ and ‘Trois’ for arthritis.
"We have already got approval from DCGI for ‘Achnil’ and approval for other products will also be received soon," he said.
Venus Remedies, a manufacturer of Oncological and Cephalosporin Injectable products, has three facilities at Panchkula (Haryana), Baddi (HP) and Germany.
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IDBI Mutual Fund revises exit load under Ultra Short Term Fund; NTPC may float another FPO next fiscal; JK Tyres to hike prices by up to 5% from January
IDBI Mutual Fund revises exit load under Ultra Short Term Fund
IDBI Mutual Fund has revised exit load structure under its scheme-IDBI Ultra Short Term Fund. As per the revision, scheme will not charge any exit load. Earlier, the scheme charged an exit load of 0.25% if investments are redeemed within seven days from the date of allotment. IDBI Ultra Short Term Fund is an open ended debt scheme with investment objective to provide investors with regular income for their investment. The scheme will endeavour to achieve this objective through an allocation of the investment corpus in a diversified portfolio of money market and debt instruments with maturity predominantly between a liquid fund and a short term fund while maintaining a portfolio risk profile similar to a liquid fund.
NTPC may float another FPO next fiscal
State-run power producer NTPC may approach the government next fiscal for permission to raise funds through a follow-on public offer (FPO) to part-finance power equipment purchases worth an estimated Rs1.5 trillion.
NTPC currently generates over 32,000MW of electricity per annum, but plans to ramp up capacity to 75,000MW by 2017.
For this purpose, it is expected to float a Rs1.5 trillion international competitive bidding tender to source the power equipment.
However, the stake to be divested by the government and the fresh equity to be offered under the FPO could not be ascertained, as the proposal is still at a nascent stage.
NTPC has already raised over Rs8,000 crore through its FPO in February 2010.
JK Tyres to hike prices by up to 5% from January
Tyre-maker, JK Tyre and Industries, plans to increase tyre prices by up to 5% from January next year to offset surging raw materials costs, especially natural rubber.
The price increase will apply to both car radial and truck tyres.
JK Tyre plans to double its capacity of commercial vehicle radial tyres to 1.6 million per annum from the present 8 lakh tyres per year by mid-next fiscal.
The company also plans to increase its passenger car radial tyre capacity to 5.5 million a year from the present 4.5 million by December next year.
The company plans to invest Rs1,500 crore to set up a new manufacturing plant near Chennai in Tamil Nadu which is expected to start production by the third-quarter of next year.