Omkar Speciality Chemicals (OSCL) will set up a new facility for speciality chemicals with an estimated investment of Rs 100 crore at Chiplun in Maharashtra's Ratnagiri district, a top official said on Tuesday.
"We have decided to expand our speciality chemical business by setting up a new facility at Chiplun in Maharashtra at an estimated cost of Rs 100 crore, which will be financed through loans and internal accruals," Omkar Speciality CMD Pravin Herlekar said.
The upcoming unit for speciality chemicals will be ready by September this year.
Omkar Speciality manufactures speciality chemicals like derivatives of selenium, iodine, molybdenum, cobalt, bismuth and pharma intermediates for life-saving drugs has recently forayed into pharmaceutical business with recent acquisition of LASA Laboratory, Herlekar said. The company has already spent Rs 27 crore and hopes to invest a total Rs 60 crore in the next two years to upgrade its lab facilities, he said. "There is a colossal demand in the API manufacturing space, and with Indian drug manufacturing sector gaining international prominence, the acquisition of LASA Laboratory was the right move for our group to venture into the pharma business. It is also a part of our group's forward integration strategy," Herlekar said.
Currently, our product portfolio comprises 10 products in the veterinary anthelmentic segment, mainly benzimidazoles and other active pharma ingredients, he added. OSCL has diversified business interests having a major presence in pharma, chemical, glass & ceramics, cosmetics and pigment industries.
