Ind-Swift awaits court approval for merger plans

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Ind-Swift awaits court approval for merger plans

The leading manufacturer and exporter of Active Pharmaceutical Integredients(API), Ind-Swift is planning to merge with Essix biosciences and Dashmesh Medicare.

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Manufacturer and exporter of Active Pharmaceutical Integredients(API),  Ind-Swift  is planning to merge with Essix biosciences and Dashmesh Medicare. Thje company is awaiting court approval for the merger.

In an interview on CNBC-TV18, Gopal Munjal managing director and chief executive officer of Ind-Swift explained details of the merger plans.

He further said that they will invest Rs 35crore next year for the oncology project.

Below is an edited transcript of the interview. Also watch the accompanying video.

Q: Could you take us through the restructuring after you merge with Essix biosciences and Dashmesh Medicare?

A: Yes we have planned that restructuring but the approval from the court is awaited and it will come in the next board meeting. We will then place our merger documents.

Q: Are these already 100% subsidiaries? What this merger will do to the company?

A: As both of the companies are growing in the API on the foundation business, this is going to give us a strength, the basic capital in API business as well.

Q: You are diversifying into critical care etc, what sort of investment you have planned there?

A: We are already into the critical care segment. We will launch a division by the name - Criticare. We are concentrating on the ICU and oncology products. For the oncology project we have a layout plan next year with a total of Rs 35 crore that we are going to invest. So far we are outsourcing the product but from next year 2013-14, we will be producing on our own.