Tripex Overseas to set up SEZ in Valsad worth more than 200 cr

Mumbai, Jun 19 (UNI) Pharma major, Tripex Overseas today announced that they plan to set up a special economic zone (SEZ) unit near Valsad in south Gujarat to set up a bulk drug and formulation manufacturing plant with an initial investment of Rs 200 crore.

In a communique to the premier Bombay Stock Exchange (BSE) they said the company has already acquired approximately 1,400 acres of land from the farmers by signing a Memorandum of Understanding (MoU) and the development work will commence soon after obtaining the requisite clearance from the state government.

Simultaneously, Tripex is in negotiation with their overseas buyers who can lift most of the pharma products and an agreement will be signed very soon.

This company manufactures special and exclusive range of Intermediates for dyes, pigments, pharmaceuticals, agri-chemicals and other related items. It has five existing chemical plants at Ahmedabad, Ankleshwar and Bharuch.

The main products of the company are broadly classified into three categories which includes, Naphthalene Derivatives, Benzene Derivatives and Fast Base.

It is worth mentioning here that the local as well as international demand of dyes and intermediates used in textiles and pharmaceutical industries is already very high and expected to grew further in the future.

On financial front, the company has shown excellent results for the year ended March 2007 and paid an interim dividend of 15 per cent.

The board of directors have also recommended a liberal bonus which will be approved by the shareholders at the forthcoming Annual General Meeting (AGM), Tripex added.

UNI