Mumbai June 23, 2007: Gujarat-based Tripex Overseas Ltd has announced the setting up of a Special Economic Zone (SEZ) unit near Valsad to manufacture bulk drugs and formulations with an initial investment of Rs 200 crore.
The total capital investment for the SEZ is expected to reach Rs 1,000 crore, said a company official.
The company has acquired about 1,400 acres land, from farmers by signing a MoU, and the development work is to commence soon subject to clearance from the Government.
Foreign equity
The total investment for the manufacturing plants is expected to go up to Rs 450 crore and Tripex is looking for equity participation from foreign collaborators in the next quarter, said the official.
The company is negotiating with its overseas buyers who can lift most of the pharma products and an agreement is in the offing. It will export its products to Sweden, Belgium and Japan.
The company manufactures special and exclusive range of intermediates for dyes, pigments, pharmaceuticals, and agro-chemicals at its five chemical plants in Ahmedabad, Ankleshwar and Bharuch. Tripex Overseas had a turnover of about Rs 90 crore in the financial year ended March 2007, said an official. The company paid an interim dividend of 15 per cent and is to give a bonus, a company note said.
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