BIL is part of the $4 billion Orkla group of Norway, having interest in pharmaceuticals, fine chemicals and advanced intermediates and serving the global life science companies.

The board of SPL has also approved a proposal to issue additional six lakh equity shares of Rs 10 each at a price not less than the Securities and Exchange Board of India (Sebi) pricing to various investors namely mutual funds, financial institutions, private equity investors, NRIs, overseas corporate bodies etc on a preferential basis. The funds of this preferential allotment is proposed to be utilised for creation of manufacturing facilities and upgradation of the existing ones, repayment of existing debts, acquisitions, investment in R&D and clinical trials, working capital needs etc, the release said.

The company had earlier announced its intention to place its share at Rs 400 each. However, the same does not seem to have materialised.

SPL has done substantial exports to BIL in the last few years. The company is also working through the technical cooperation of BIL for developing intermediates for a few global life science companies.

SPL does contract research and manufacturing service (CGMP) for a number of multinationals like Abbott, Borregarrd, Dunpont, Hoechst and others. It has developed more than 130 products for these global healthcare majors.

The company is in the advance stage to commercialise three intermediates - anti-AIDS, inter-venous, anaesthetic and anti-hypertensive categories in the current fiscal.

The company had posted a turnover of Rs 29.67 crore and a net profit of Rs 7.93 crore for the first half ended September 2000 in the current fiscal.