Mumbai, Oct 20: Sarabhai Piramal, a 50:50 joint venture between Nicholas Piramal India Ltd (NPIL) and Ambalal Sarabhai Enterprises (ASE), has acquired marketing rights for additional formulation products in respect of ASE's human healthcare business. This substantially enlarges the scope of the existing agreement between the two companies, entered into in October 1997.A release said under this arrangement, Sarabhai Piramal will access some of the major therapeutic segments like antibiotics, vitamins, cough and cold, tuberculostatics, anti-anaemia, antiparastics, anti-bacterials, and anti-diabetics.
The enlarged scope of operation will entail enhancement of the equity capital of Sarabhai Piramal. Both NPIL and ASE will inject Rs 10 crore each in the equity capital of the joint venture, bringing their individual equity contribution to Rs 22.50 crore apiece.
For the first six months of this fiscal, Sarabhai Piramal recorded a 27 per cent growth in turnover over the corresponding period of the previous year. The operating profit for the first half is Rs 7.6 crore, which is higher by 41 per cent compared with the corresponding period of the previous year. The joint venture's turnover is expected to surpass Rs 220 crore (annualised basis), the release added.
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