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Unichem to set up U.S. subsidiary

MUMBAI, FEB. 28. Shareholders of Unichem Laboratories today approved the bonus issue in the ratio of 1:1 and sub-division of the nominal value of equity shares from Rs 10 to Rs. 5 each in the extraordinary general meeting today, according to a release here.

Prakash Mody, Chairman and Managing Director, said the company's modernisation activity costing Rs. 40 crores at Ghaziabad plant is complete while construction of the second formulation plant at Himachal Pradesh with an estimated outlay of Rs. 35 crores is in process. The work is expected to be completed by the end of 2004.

Unichem is setting up a wholly-owned subsidiary in the U.S. to hasten the process of registration of the company's products as well as to look for opportunities for marketing alliances in North American markets, he said.

PTI

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