OSCL to build specialty chemicals facility
Omkar Speciality Chemicals (OSCL) will construct a specialty chemicals facility in Chiplun, Maharashtra, India.
Omkar Speciality CMD Pravin Herlekar was quoted by the Economic Times as saying that "we have decided to expand our speciality chemical business by setting up a new facility at Chiplun in Maharashtra at an estimated cost of Rs100 crore, which will be financed through loans and internal accruals".
The proposed facility is expected to go onstream by September 2012.
Omkar Speciality manufactures specialty chemicals such as selenium, iodine, molybdenum, cobalt and bismuth, whilst also producing molybdenum disulfide, ammonium iodide, cobalt nitrate, and specialty chemical intermediates.
With the recent acquisition of LASA laboratory, Omkar has entered into the pharmaceutical business and manufactures pharmaceutical intermediates for life-saving drugs.
The company has already spent Rs270m ($5.2m) and hopes to invest a total Rs600m ($11.6m) in the next two years to upgrade its lab facilities, according to Pravin Herlekar.
Currently, the company's product portfolio comprises of 10 products in the veterinary anthelmentic segment, mainly benzimidazoles and other active pharmaceutical ingredients.
OSCL has diversified business interests, with a major presence in pharma, chemical, glass & ceramics, cosmetics and pigment industries.