Thursday, July 28, 2005

Dr Reddy's plans to sell Goa facility

DR REDDY'S Laboratories Ltd one opf the leading brands in life saving drugs segment has announced its plans to dispose of the finished dosages facility at Goa. The decision was taken by the company board at its meeting this week to take on record the unaudited financial results for the first quarter of current fiscal ended June 30, 2005. The board plans to seek shareholders' approval through postal ballot on the decision. At present, Dr Reddy's has seven finished dosages facilities. Of this, five are located in India and two in the UK. The brand also has six active pharmaceutical ingredients (API) facilities in India - all of which were USFDA inspected. The Goa facility had commenced commercial operations only around six months ago. The decision to dispose of the formulations facility located at Goa was an outcome of the brand's reassessment of its formulations manufacturing strategy and the taxation strategy.