Ind-Swift To Merge Two Group Firms

New Delhi, January 20: | Updated: Jan 21 2003, 05:30am hrs
Ind-Swift Ltd is merging two of its group companies, Mukur Pharmaceutical Co Pvt Ltd and Swift Formulation Pvt Ltd to consolidate operations and prepare for the post-patent regime from the year 2005 onwards.

The merger brings nine additional brands into the parent companys fold. Ind-Swift director VK Mehta said this will strengthen the marketing of the company, and help it focus on emerging markets. A topline of Rs 10 crore will be added to Ind-Swift.

The company sees this merger providing synergistic linkages beside bringing in economies of cost by combining various business functions and operations, and help boost the bottomline.

PricewaterhouseCoopers has been appointed to determine the entitlement rate for the merger.

The board has approved an exchange of 72 shares of Rs 10 each of Ind-Swift Ltd for every 10 shares of Rs 100 of Mukur Pharma and 54 shares of Rs 10 each of Ind-Swift for every 10 shares of Rs 100 of Swift Formulation.

Ind-Swift recorded a turnover of Rs 89 crore for the first half of 2002-03 with a net profit of Rs 5.66 crore. It is targeting a turnover of Rs 500 crore by 2005.

It has three manufacturing plants for finished dosages and active pharmaceutical ingredients (API).