Evexia Lifecare Limited has received initial layout permission from Food and Drug Administration (FDA) to set up Active Pharmaceutical Ingredient (API) manufacturing plant of Isometamidium (Isometa) in addition to the current ongoing commercial activity.
The ingredient is mainly used for the rare diseases in cattle, buffalo, goat, dogs, etc. The company has completed the application process for environment clearance with the concerned government authority and has procured all the required plant and machinery at the Vadodara plant location.
Once the Company receives the Environment Clearance (EC) from the concerned Government Authorities, the installation and production work will commence. Further, the Board of Directors of one of the subsidiary companies, namely Kavit Trading Private Limited, where Evexia holds 70% of the shareholding, has approved the business of direct buying of bullion from the Banks and selling in the market.
This new business will boost the revenue of the said subsidiary company and consequently improve the Company's consolidated financials.
Apart from the Isometa API product, Evexia Lifecare Limited is also planning to manufacture intermediate, mainly used for anti-diabetic and heart diseases, at Vadodara based plant location. The Research & Development (R&D) team is at the final stage of five more products that the Company may launch by November 2021.
The Company is at an advanced stage of acquiring Akola (Maharashtra) based existing plant of one of the manufacturers of Isometa API, which will increase production capacity and profitability.
The Company's vision is to enter into formulation by January 2022, which will give push to the Company's growth for the long term. The R&D team has already started work for the formulation plant, looking into the opportunity and available market in India and across the globe.
The Company has started its new branch at Hyderabad location to trade pharmaceutical chemicals, and the same will likely contribute Rs. 25-30 Cr turnover per year. For the above all expansion activities, the Company will manage the funds internally, and the board is not expecting any external borrowings.
(With inputs from ANI)