Lincoln Pharma invests in renewable energy assets to save on energy cost

AHMEDABAD | MUMBAI | RAJKOT – In a regulatory update submitted to the Indian Bourses on Monday, Ahmedabad headquartered Lincoln Pharmaceuticals Ltd said of having invested in renewable energy assets to save on energy cost and improve financials, as well having applied for permission to set-up Active Pharmaceuticals Ingredients (API) manufacturing unit.

The Company has plan to set up a new Solar Plant of 1 Mega Watt at Factory’s rooftop, which shall produce nearly 1.5 million  Power Unit per annum and the installations is expected to commence operations in last quarter of current financial year, the filing read.

The Company had installed two windmills for saving of energy cost and looking at all existing parameters, the company is hopeful to improvise the performance for the fiscal year 2018-19, the filing claimed.


INVESTMENT THRUST

The Company has also announced of having applied to Pollution Control Board for permission of APls unit and after getting this approval, the Company will set up a API unit.

The company management expects API unit to commence commercial operations and start production from next financial year (FY19-20), which will save the company from the burns of price fluctuation, further allowing the company to participate and apply for the products in US and in other regulatory markets, the filing claimed.

The Company’s business is going on well and the company has done the expansion to modernize existing manufacturing facilities in last two years and invested money for the same, the filing read.

However, the company has not disclosed the amount invested over last two years, in expansion to modernize the existing manufacturing facilities.


IMPACT ON THE SHARE PRICE

The Company has adopted new Accounting norms as per the Ind AS.

The company’s domestic and international business is growing well and is expected to continue the growth momentum in coming times.

Announcement from the company had an immediate impact on the share price of the company, which improved for a while, immediately after the announcement from the company hit the Indian Bourses, share price of the company continued trailing on choppy path and ended in RED Zone on NEGATIVE counters, when the trading session closed in India on Monday.


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