Industrial Organics plans further expansion

MUMBAI: Manufacturer of pharmaceutical bulk drugs, Industrial Organics Ltd on Tuesday said it has decided to invest Rs 72.95 crore for expansion plans and setting up of co-generation project.

The board of directors at its meeting on July 7, approved the revised cost of the project to be financed by way of term loan of Rs 51.64 crore from banks, unsecured loan of Rs 10 crore from promoters, Rs 7.7 crore from the issue of warrants and balance of Rs 3.61 crore from the internal accruals, Industrial Organics informed the Bombay Stock Exchange.

The company also approved term loan of Rs 10 crore from Bank of India, Ludhiana to part finance the project, which includes increase in the capacity of Ibuprofen plant from 1500 TPA 1800 TPA.

The shares of the company were trading at Rs 36.25, down 3.59 per cent at the BSE.