Civic Services completes acquisition of Alps Pharmaceuticals Private Limited to create over 1000 jobs in Almora, Uttrakhan

By ANI | Published: November 2, 2021 12:03 PM2021-11-02T12:03:57+5:302021-11-02T12:10:07+5:30

Civic Services Holding Private Limited (CS), announces that it has today completed the acquisition of Alps Pharmaceuticals Private Limited (Alps Pharmaceuticals).

Civic Services completes acquisition of Alps Pharmaceuticals Private Limited to create over 1000 jobs in Almora, Uttrakhan | Civic Services completes acquisition of Alps Pharmaceuticals Private Limited to create over 1000 jobs in Almora, Uttrakhan

Civic Services completes acquisition of Alps Pharmaceuticals Private Limited to create over 1000 jobs in Almora, Uttrakhan

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Civic Services Holding Private Limited (CS), announces that it has today completed the acquisition of Alps Pharmaceuticals Private Limited (Alps Pharmaceuticals).

Following, CS's resolution plan for Alps Pharmaceuticals Private Limited approved by NCLT vide order dated 06/07/2021 Alps Pharmaceuticals Private Limited's Resolution Professional, on behalf of the CoC has given complete possession of all the company assets, to Civic Services Holding Private Limited on November 1, 2021, at Alps Pharmaceuticals Private Limited, Industrial Estate, Pataldevi, Almora, Uttrakhand.

Gopal Mehrotra, has been appointed Alps Pharmaceuticals' General Manager - Corporate Affairs, and Girish Chandra Mainali, has been appointed General Manager-Regulatory & Administration of Alps Pharmaceuticals.

On this occasion, Rajeev Malik, Chief Legal Officer, Civic Services Holding Private Limited. said, "India is a highly potential and strategic market. Alps Pharmaceuticals provides immediate and substantial production capacity along with an excellent platform for further growth. It has sizable, profitable, exceptional quality and well-located operations, along with long-term growth potential for the Indian economy. Our aim is to create sustainable and long-term value by becoming a leading pharmaceutical manufacturer in Uttarakhand. This acquisition gives us the opportunity to contribute towards nation building through best quality pharmaceutical products in the coming decades."

"This acquisition also demonstrates how our country can benefit from the Insolvency and Bankruptcy Code, a progressive reform whose positive impact will be felt widely across our economy. We are confident of achieving this, as we have in place a targeted capital expenditure plan designed to build on our management strength, operational expertise, commitment to safe, sustainable pharmaceutical manufacturing based on industry-leading research and development", he added.

Alps Pharmaceuticals, a company incorporated in 1980, located in Almora, Uttarakhand, is one of the largest pharmaceutical factory in India, above 4000 feet sea level. The company manufactures Injection Ampoules, Tablets, Syrup, Capsules, and Injectables Vials, and is registered under small scale industry.

Alps Pharmaceuticals intends to start the maintenance process with immediate effect and resume production at the Alps Pharmaceuticals' facility in Almora, Uttarakhand within 90 days post maintenance, providing over 1000 jobs in the region. Further, intent is to increase Production over a medium-term:

* Injections Ampoules from an existing capacity of 75000 units to 100000 units per shift

* Injection vials from an existing capacity of 2400 Litres to 3000 litres per shift

* Tablets from an existing capacity of 100 Lacs to 150 Lacs per shift

* Syrups from an existing capacity of 20,000 Litres to 25000 Litres per shift and Capsules from an existing capacity of 2 Lacs to 2.5 Lacs per shift

This will be achieved by completing the initially ongoing capital expenditure as planned, infusing expertise and best practice to deliver efficiency gains, and then through the commissioning of additional assets, while simultaneously improving product quality and improved distribution to realise better margins.

Civic Services Holding Private Limited, (CS) founded in 2017 is registered with Registrar of Companies, Headquartered in Delhi, India. CS is the investment holding company and promoter of all CS companies and brands. This includes: Camellia Sinensis, Tea and Coffee services business with 200 hectares of tea estate and manufacturing at Dibrugarh in Assam, producing over 8 lakh Kilograms of dry tea annually, and has business investments in both commercial and residential properties situated in Agra, Dibrugarh, Ghaziabad, Lucknow, Mumbai & Noida.

CS aims to enhance corporate value with sustained growth through the organisation's management strength, operational expertise, commitment to safe, sustainable development and industry-leading research and development.

This story is provided by ATK.will not be responsible in any way for the content of this article. (ANI/ATK)

( With inputs from ANI )

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