Mumbai-based Coral Laboratories Ltd is to set up a new formulation plant in Uttaranchal at an estimated cost of Rs 28 crore. The company has acquired 80,000 sq. ft of land in Pharma City, Selaqui, Dehradhun, for its project.
The entire project is divided into three parts. Project No.1 has already commenced manufacturing of general liquid and ointments whereas tablets and capsules production will start by the end of this month. 'Betalactum' under Project No.2 will be manufactured by the end of December 2006. Project No.3 for 'injectables' will commence production by June 2007.
The project is funded through internal accruals of Rs 5 crore and a term loan of Rs 3 crore from Bank of Baroda; for the balance Rs 17 crore, CLL is looking at various equity options such as rights issue, public offer or private placement.
Contact: Coral Laboratories Ltd, 503, Dalamal House, 5th Floor, Jamnalal Bajaj Road, Nariman Point, Mumbai, Maharashtra 400021. Tel: 022-22873635 & 22873694