 "Bal Pharma to close down parenterals & IV fluids facility at Pune")
As part of its restructuring exercise, the Bengaluru-based pharmaceutical company Bal Pharma Ltd will shut down its parenterals and IV fluids manufacturing facility at Pune (Maharashtra).
“The company has decided to issue notice as per the provisions of Section 25 FFA read with Section 25 F of the Industrial Disputes Act, 1947, pertaining to its parenterals and IV fluids manufacturing facility at Pune. This decision was taken as part of the restructuring exercise undertaken by the company to streamline its operations and to exit from its noncore businesses, whose operational costs are significant but generate very nominal revenues,” said Bal Pharma in a BSE filing.
According to Section 25FFA of The Industrial Disputes Act, 1947, a company needs to give sixty days notice of its intention to close down the undertaking.
Bal Pharma Ltd, which is the largest producer of the bulk drug gliclazide (an anti-diabetic drug) in India, had established Pune unit in 1997. The finished dosage facility manufactures intravenous fluids, ophthalmic preparations & liquid oral preparations. In addition to exports, the plant also catered to the needs of companies for contract manufacturing, both in India and abroad. The Pune plant annual capacity of 18 million vials, 6 million IV bottles and 5 million syrups bottles.
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