Financial Daily from THE HINDU group of publications
Thursday, Jun 16, 2005
Financial Daily from THE HINDU group of publications Thursday, Jun 16, 2005 |
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Pharmaceuticals Corporate - Announcements RPG Life Sciences closes Pune unit Our Bureau
Mumbai , June 15 RPG Life Sciences Ltd has closed operations at its Pimpri facility in Pune. The steep decline in the international price of Spironolactone, a blood pressure medicine, and Vitamin B12, besides the high cost of manufacture of Androstene Dione (an intermediate used in the manufacture of the blood pressure medicine) have been cited by the company as the cause for shutting shop at Pune. The facility was taken on lease from Hindustan Antibiotics Ltd, but a company spokesperson said that the facility will remain closed and not be returned to Hindustan Antibiotics. As for the people working there, he said, they would be absorbed at other locations. No details were given on the size of the business done from the Pune facility; however, the company informed the Bombay Stock Exchange that closure of the operations would possibly have a significant impact on future results of the company. The company said that it had incurred losses in operations at the facility since inception. However, the spokesperson added that the company's fermentation processes were being done at its plant in Ankleshwar and only a "start-up" was done in the Hindustan Antibiotics facility.
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