Arvind Remedies has acquired 63.75% shares of Coronet Labs. Pursuant to this acquisition Coronet Labs has become a subsidiary of Arvind Remedies. The board of the company at its meeting held on February 11, 2012 has taken the note of it. The board has also approved the funding of the separate Betalactum, Cephalosporin and Ayurvedic units which are in pipeline, at a cost of Rs 190 crore of which Rs 140 crore by term loan and balance Rs 50 crore by way of equity shares on preferential basis.
Also, the company’s lrrungatukottai unit, a part of it has commenced the commercial production in January 2012. The company will commission the remaining parts in phased manner before the close of this year. Till December 31, 2011 the company had incurred cost of Rs 209 crore against a total project cost of Rs 250.08 crore.
Arvind Remedies is engaged in manufacturing of pharmaceutical formulations such as tablets, capsules (including soft gels), ointments and liquids. It has a manufacturing facility at Kakkalur in Tamil Nadu.
