Financial Daily from THE HINDU group of publications
Thursday, Aug 05, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 05, 2004 |
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Corporate
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Natural Calamities Industry & Economy - Pharmaceuticals Sun Pharma, Ipca Labs plants hit by floods Our Bureau
Mumbai , Aug 4 THE monsoon has taken its toll on drug companies, with Mumbai-based Sun Pharma and Ipca Laboratories reporting floods at their plant sites in Silvassa, located in Dadra and Nagar Haveli. Sun Pharma said that two of its dosage form plants at Silvassa were affected by heavy rain and flood due to the release of dam waters. "The extent of the damage is yet to be assessed. We do not expect any impact on sales or the performance of the company," a company communiqué said. Ipca Labs also said that incessant rainfall during the last few days in and around Silvassa had resulted in floodwater entering the company's new manufacturing unit situated at Piparia. The plant was commissioned in March 2004. "The floodwater has now completely receded and the loss/damage to the building, plant and machinery, electrical and other fittings, raw materials, packing materials and finished goods are being ascertained. All these assets are fully insured," the company told the BSE. "There will be no major disruption in the supply of pharmaceuticals by the company in the domestic market," it added.
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