JB Chemicals & Pharmaceuticals Chairman and Managing Director JB Mody said that due to the low floating stock of the equity shares, the promoter was unable to acquire shares.

However, on account of the issue of 15.33 lakh equity shares to the promoters by way of merging of Unique Pharma's pharma division, the promoters' stake has gone up by five per cent, thereby taking the overall promoter stake to 58 per cent from 52 per cent earlier, Mr Mody added.The Bombay high court has already approved the merger with retrospective effect and this has raised the equity to Rs 16.05 crore from Rs 14.52 crore, Mr Mody added.

Mr Mody said that Rs 10 crore has been earmarked during the 2001-2002, towards modernisation and capacity enhancement of the acquired plant from Unique Pharma.

The company has also earmarked another Rs 23 crore during 2001-2002, for its ongoing EOU (export oriented unit) at Panoli, to manufacture large volume parenterals (LVPs) based on form-fill-seal (FFS) technology. The project, which is likely to go on-steam by the end of the year, will have a capacity to manufacture three crore units per annum, with 50 per cent capacity utilisation during the first year, Mr Mody said.

Meanwhile, with the revived Russian economy, the company has been successful in recovering around 75 per cent of its dues which were in the range of around Rs 40 crore in August 1998. Mr Mody said that the company is optimistic, about the rest of the recovery in due course.

On the proposed sale, of global marketing rights for its products excluding India, the company continues to scout for partners, though it has not been successful to find partners with the right price tag, Mody said. He said that the company has focussed more on USFDA approval, which will take another two to three years.

On the marketing front, the company is exploring the south-east Asian countries as well as African countries and has recently invited Dr David Kelly from Australia to propagate the usage of nifedipine, a bulk drug, to the medical fraternity.

The company, which produces 12 to 15 tonne of nifedipine, is one of the largest producers of the drug that reduces the risk of cardio and cerebro vascular complications.