Torrent Cables Ltd Company Summary

Torrent Cables Ltd Summary

Torrent Gujarat Biotech was incorporated on 22 Mar.91 to manufacture 1000 mmu pa of penicillin-G. The company was jointly promoted by Torrent Pharmaceuticals, Torrent Exports and the Gujarat Industrial Investment Corporation. The Torrent group has 40% equity stake while GIIC controls around 11% in the company. Commercial production of penicillin-G commenced in Jun.95.Taking advantage of the liberalised policy, the company has decided to enhance its capacity to 1500 mmu pa. Subsequently, it decided to set up production facilities to manufacture 180 tpa of semi-synthetic penicillin (SSP), 70 tpa of semi-synthetic cephalosporin (SSC) and drug intermediates -- 6-APA and 7-ADCA -- as a measure of forward integration. The project was part-financed by a rights issue in Sep.95. The company has joined the consortium of leading international manufacturers of penicillin-G by becoming a member of Panlabs, US. It has entered into an agreement with Panlab to supply cultures, information on fermentation conditions and yields obtained in shake flasks, covering a period of 5 years between 1994 and 1998.During 1999-2000, the company has been declared as a Sick Industrial Company by BIFR on September 24, 1999 and appoints IFCI Ltd as operating agency. IFCI had submitted an revival scheme and BIFR asked IFCI to resubmit the modified scheme as per its direction. The company has successfully received Sanction of the Rehabilitation Scheme on 10th March 2003 from BIFR.