Ind-Swift Laboratories Ltd

Ind-Swift Laboratories Ltd is a part of the Ind-swift Group and is based at Chandigarh, India. The company manufactures and sells active pharmaceutical ingredients (API). Their product pipeline consists of 25 products, which includes drugs, which include Clarithromycin (Macrolide antibiotic), Atorvastatin (anticholestrol), Fexofenadine (antihistamine), Clopidogrel (anticholestrol), Nitazoxanide (antidiarrheal), Pioglitazone (antidiabetic), Letrozole and Anastrozole (anticancer), Venlafaxine (antidepressants) and Quetipine and Aripirazole (antipsychotic). The company has one subsidiary namely, Ind-Swift Laboratories Inc in USA. Ind-Swift Laboratories Ltd was incorporated on January 4, 1995 as a joint venture between Ind-Swift Ltd and Punjab State Industrial Development Corporation. Later, Ind-Swift purchased Punjab State Industrial Development Corporation equity to emerge as a single largest shareholder in the company. The company commenced their production in the year 1997. Over a short period, the company has emerged as a respectable and dependable supplier of Bulk-Actives in more than 40 countries. In the year 1997, the company went public and concentrated on the manufacture of Active Pharmaceutical Ingredients (API). In the year 1998-99, they launched two molecules, Clarithromycin and Roxithromycin. Their in-house R&D developed Clarithromycin Granules for the first time in India. In the year 2000, the company developed a new drug namely, Astrovastatin. In addition, they entered into an agreement with eight international pharmaceutical companies to source their requirements for Clarithromycin Fexofenadine Roxithromycin and Candesartan from the company. During the year 2003-04, the company increased the production capacity of bulk drugs/ intermediates from 81.18 TPA to 120 TPA. In addition, they commissioned the granulation facility as per CGMP standards. They launched four new products namely, Acamprosate (alcohol abstinence), Ezetimibe (anti-hyperlipidemic), Anastrazole (oncology) and Nitazoxanide (anti-diarroheal). In January 2, 2004, the company incorporated a wholly owned subsidiary, namely Ind-Swift Laboratories Inc in USA to strengthen the company's presence in contract research and manufacturing services. In June 2004, the subsidiary company commenced their operations. During the year 2004-05, the company expanded the production capacity of bulk drugs/ intermediates from 120 TPA to 150 TPA. They commissioned waste heat recovery unit to reduce energy costs. They opened and office in China to facilitate the import of raw materials. The company introduced five new products in the market. During the year 2005-06, the company completed and commissioned their new plant at Samba in Jammu & Kashmir to manufacture products for the domestic markets. Also, they set up a new state of the art Research & Development center at Mohali, Punjab with an investment of USD 5 million. They increased the production capacity of bulk drugs/ intermediates by 87.03 TPA to 237.03 TPA. During the year, the company launched new products namely, Letrozole, Anastrozole (Anti-Cancer) Venlafaxine (Anti-Depressants) Lavofloxacin (Anti-Biotic) Quetipine & Aripirazole (Anti-Pshychotic) in the market. They entered into a joint venture with Farayand Chemi Hakim Co, a private joint stock company registered under the law of Iran to focus on the marketing of the products in Middle East & Iran. During the year 2006-07, the company expanded the production capacity of bulk drugs/ intermediates by 18.85 TPA to 255.88 TPA. In April 2006, the company inaugurated their new manufacturing facilities at Baddi in Himachal Pradesh to manufacture tablets, injectibles and liquids. During the year 2007-08, the company entered into the field of Phytochemicals, where, the company has put to operation a new manufacturing facility to manufacture mint-based products. They increased the production capacity of bulk drugs/ intermediates by 162.30 TPA to 418.18 TPA. During the year 2010, Company incorporated two new subsidiaries one in Dubai under the name of M/s Ind-Swift Middle East FZE, UAE and Second in Singapore under the name of M/s Ind-Swift Laboratories Pte Ltd., Singapore. The company launched new drugs like Dutasteride Cinacalcet, Duloxetine, Mecloxamine citrate, Atomoxetine, Exemestane, Ezetimibe, Pregabalin, Ranolazine, Telmisartan & Posaconazole in 2010. It commercialized the production of Mecloxamine citrate, Bexarotene and Dutasteride, developed new processes for key intermediates of Sunitinib and Mitiglinide calcium and robust and reproducible process developed for polymorph FORM I of Rifaximin in year 2011. During the financial year 2013, the Company had transferred its investment in Iran Joint Venture to its Dubai Subsidiary, which already completed the process of disinvestment. During the year 2013-14, 16,92,725 equity shares were allotted on 3rd February, 2014 on preferential basis to promoters and promoter group company at a price of Rs.55/- per share (including premium of Rs.45/- per share) and consequent to the allotment the paid up share capital of the Company stand at Rs.40,96,31,950/- consisting 4,09,63,195/- equity shares of Rs.10/- each. During 2015-16, 3 new products Nateglinide, Ezitimibe and Rosuvastatin were launched commercially and Lisdexamphentamine, a new product was supplied in the bio-batch quantities. During 2019-20, Mohali Green Environment Private Limited (MGEPL) ceased to be an Associate Company as Company's investment in MGEPL fell from 25.30% to 19.95%. as on 31st March, 2020. During 2020-21, Fortune (India) Constructions Limited (100%) and Halcyon Life Sciences Pvt. Ltd. (98.19%) became the wholly owned subsidiary of the company consequent to the Company acquiring/ subscribing to the total equity capital of these Companies. Fortune (India) Constructions Limited ceased to be the associate as it became the wholly owned subsidiary of the company. As on 31.03.2021, Company had 5 Subsidiaries i.e. Ind-Swift Laboratories Inc. (US Subsidiary), Ind-Swift Middle East FZ-LLC (Dubai Subsidiary), Meteoric Life Sciences PTE Ltd. (Singapore Subsidiary), Fortune (India) Constructions Limited (Indian Subsidiary) and Halcyon Life Sciences Pvt Ltd (Indian Subsidiary). During the Year 2021-22, M/s Meteoric Life Sciences Pte Ltd ceased to be a subsidiary of the Company with effect from August 10, 2021, consequent to its striking off and M/s Ind-Swift Middle East FZE ceased to be subsidiary of the Company with effect from May 27, 2021 consequent to its sale to M/s. Soft Air General Trading LLC, UAE. The Company has entered two Joint Ventures to enter into & explore new avenues available in the pharma fields. One joint venture is with M/s Wellgen Medicare LLP a Delhi based pharma trading concern and Mr. Anshul Jain on a 50:50 partnership basis a LLP named 'Indis Healthcare LLP'. The Company has also entered into an another joint venture with Mr. Ramesh Mehta as the partner on a 75:25 partnership basis by incorporating a private Company named 'MJM Remedies Private Limited'. As on 31.03.2022, Company had 3 Subsidiaries i.e. Ind-Swift Laboratories Inc. (US Subsidiary), Fortune (India) Constructions Limited (Indian Subsidiary) and Halcyon Life Sciences Pvt Ltd (Indian Subsidiary). Read More