Wednesday, Apr 21, 2004
Wednesday, Apr 21, 2004 |
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HYDERABAD: Vimta Labs has embarked on a Rs. 60 crore two-phase expansion, which will see it adding 1.50 lakh sq ft of Research Laboratory facility over 10.7 acres in the SP Biotek Park, Genome Valley, near here. The Rs. 30 crore first phase will be completed in 12 months, while the second phase (also Rs. 30 crores) will be completed by March 2006, according to S. P. Vasireddi, Chairman and Managing Director. This will be three times its present facility of 58,000 sq ft at Cherlapally. Addressing a press conference here, Mr. Vasireddy said funding options were being considered and would be finalised soon. The new project will accommodate 300 scientists/shift, and comprises a `knowledge centre' and state of the art laboratory. The company also announced impressive results for March 2004, with 81 per cent growth in income to Rs. 35.11 crores and a spurt in net profit to Rs. 8.50 crores, against Rs.19.38 crores and Rs. 2 crores respectively in the previous year.
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