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Ipca buys stake in Tonira to further API
MAY 17, 2008: Ipca Laboratories, Mumbai-based Pharmaceutical company has acquired controlling stake in Vadodara-based, Tonira Pharma to consolidate its presence further in the active pharmaceutical ingredients (API) space.
Ipca had picked up close to 14 per cent stake in 2007 and will increase its stake to 36 per cent. The stake is valued at around Rs.8 crore.
Tonira Pharma is planning to double its production capacity at its facilities in Ankleshwar and Nandesari. Its API production capacity is 80-100 metric tonnes per year. An investment of close to Rs.10 crore is being planned. The company currently exports to Korea, Brazil, Japan, France and Pakistan.
The firm's plant at Nandesari expected to get the USDFA approval in the next two months. Following the approval, the company is looking to target Canada, South America and North American markets.
Source: Business Standard