India's Jubilant to raise $55m for acquisitions
24 February 2004 00:22 [Source: ICIS news]
NEW DELHI (CNI)--Jubilant Organosys aims to raise Rs2.5bn ($55.2m/Euro43.9m) on the global capital markets to fund its growth plans, according to a source close to the company.
The plans include expansions and acquisitions. He said that although the company’s board of directors had approved the fund-raising move, it also needed the shareholders’ green light. An extraordinary general meeting will be held on 28 February to discuss the matter.
The source said Jubilant would expand the capacity of its oxycarbazepine unit at Nanjangud, near Mysore, India, to 40-50 tonne/year from 20 tonne/year, and double the capacity of its citalopram unit, also in Nanjangud, to 10 tonne/year. He was unable to say how much the expansions would cost, or when they would be completed. Oxycarbazepine and citalopram are active pharmaceutical ingredients.
The speciality chemicals company is expanding because of the rapid growth it has experienced in the past year, especially in pharmaceuticals and life-science chemicals, the source said. Pharmaceuticals and life-science chemicals contributed Rs2.14bn to total net sales of Rs6.21bn in the first nine months of fiscal 2004 ending 31 December 2003. This compared with Rs1.27bn in the first nine months of the previous year, when net sales totalled Rs5.27bn.
The source said Jubilant posted an operating profit (before interest and depreciation) of Rs1.17bn for the nine months to 31 December, compared with Rs992m in the corresponding period of the previous financial year. It recorded a net profit of Rs546m in the April-December 2003 period, up 43.4% from the Rs381m registered in the same period of fiscal 2003.
By: Alfred Tong
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