2006/8/28 Mylan Laboratories

Mylan Laboratories to Acquire Up to 71.5% Controlling Interest in Matrix Laboratories
- Transaction Expected to be Accretive to Mylan in FY '08 -

ジェネリック（後発医薬品）メーカー米２位のマイラン・ラボラトリーズは、インドの製薬会社マトリックス・ラボラトリーズの経営権を最大７億3600万ドル（約860億円）で取得する。アジアと欧州市場への参入を狙う。

Mylan Laboratories Inc. and Matrix Laboratories Ltd. today announced that Mylan will acquire up to 71.5% of Matrix shares outstanding for Rs. 306 per Matrix share. Under the terms of the transaction, Mylan will purchase 51.5% of Matrix's shares outstanding pursuant to an agreement with certain selling shareholders and will make an "open offer" to Matrix's remaining shareholders to acquire up to an additional 20% of Matrix's shares outstanding. Assuming the open offer is fully subscribed, the total purchase price is expected to be approximately $736 million. Matrix will remain a publicly traded company in India and will continue to operate on an independent basis.

Robert J. Coury, Mylan's Vice Chairman and Chief Executive Officer, commented: "This is an extremely complementary transaction that accomplishes a number of Mylan's key objectives. Mylan is executing on its commitment to establish a global platform and expand its dosage forms and therapeutic categories. Additionally, this acquisition deepens Mylan's vertical integration and enhances its supply chain capabilities. The transaction will allow Mylan and Matrix to strengthen and expand their core businesses and competencies, while creating significant opportunities for global expansion and growth."

Mr. Coury continued, "In addition to bringing substantial tangible benefits in the form of their world-class manufacturing capabilities and product portfolios, Matrix and their European subsidiary, Docpharma, have demonstrated a deep understanding of their respective regions and markets. We are very excited about the transaction and expect, based on our time together thus far, a smooth and effective integration. We have found that Matrix and Docpharma have cultures and values that are extremely consistent to our own at Mylan."

N. Prasad, Executive Chairman of Matrix, who will join Mylan's Board of Directors and executive management team, said, "Mylan, a proven industry leader, is an ideal partner for Matrix. Our strategic vision remains unchanged and we believe this transaction creates greater growth opportunities for Matrix and its employees and also will allow us to accelerate our existing expansion plans in India and abroad."

Mr. Prasad continued, "This transaction also offers significant benefits for our customers. Together, our companies will be able to compete more effectively, while delivering cost savings to our customers. The additional financial resources Mylan brings us also will allow us to further enhance Matrix's capabilities in manufacturing and product development and expand Docpharma's portfolio and presence across Europe. We look forward to drawing on Mylan's strengths to advance our anti-viral initiatives, as we believe bringing these products to patients at lower costs is critical."

Strategic Rationale
Mylan and Matrix together will have approximately 5,100 employees in 10 countries. Matrix will provide Mylan with a significant presence in important emerging pharmaceutical markets, including India, China, and Africa, as well as a European footprint and distribution network through Matrix's Docpharma subsidiary. By combining Matrix's active pharmaceutical ingredient (API) and drug development business with Mylan's expertise in finished dosage forms (FDFs), this transaction also will allow Mylan to capture incremental pieces of the value chain through backward vertical integration. Additionally, Matrix will expand Mylan's capabilities in a number of key areas including products with higher barriers to entry and long-term growth opportunities, and allow the company to pursue a broader portfolio of new products at lower costs. As part of the Mylan organization, Matrix will benefit from a strong U.S. presence, expanded production capabilities and manufacturing capacity, and industry-leading expertise in product development and process optimization.

Matrix is the world's second largest API player with respect to the number of drug master files (DMFs), with over 165 APIs in the market or under development, and 10 API and pharmaceutical intermediate manufacturing facilities, six of which are FDA approved. Matrix has diverse API capabilities, knowledge of the API patent landscape, capability in early API development, a low cost structure and strong scientific capabilities. Matrix's API manufacturing platform will provide Mylan with significant cost savings and enable first in-last out product lifecycles. Their finished dosage form pipeline will expand Mylan's forms and therapeutic categories and allow Mylan to pursue a broader portfolio of product opportunities more economically.

Matrix's presence in Asia and Africa provides Mylan with access to multiple, under-penetrated and growing new markets. In addition, Matrix's strong development capabilities and access to India's highly skilled, scientific talent pool will allow Mylan to increase its number of ANDA submissions. Matrix's additional manufacturing capabilities will provide Mylan with maximum manufacturing flexibility, allowing it to better manage industry cycles, while optimizing market share and gross margins.

Matrix's Docpharma subsidiary is a leading marketer of branded generics in Belgium, the Netherlands and Luxembourg, and provides Mylan with a platform for building a larger European presence. This transaction will allow Mylan to distribute products from its broad portfolio into these markets, creating substantial additional distribution opportunities for Mylan's products, extending their growth cycle, and allowing Mylan to capture incremental revenues. Mylan resources and products will accelerate Docpharma's expansion into existing markets, as well as support expansion into multiple new European markets through both organic growth and acquisitions. Mylan also plans to pursue the distribution of Docpharma's novel, existing products and development pipeline in the U.S. in areas such as female health and oncology.

Matrix also expands Mylan's high-barrier-to-entry product capabilities, particularly in the area of anti-virals. Matrix is currently the world's largest supplier of generic anti-retroviral (ARV) APIs. Through its ARV franchise, Mylan and Matrix intend to partner with international programs to bring lower-cost treatment solutions to patients in regions of the world most affected by HIV.

About Mylan
Mylan Laboratories Inc. is a leading pharmaceutical company with three principal subsidiaries: Mylan Pharmaceuticals Inc., Mylan Technologies Inc. and UDL Laboratories Inc. Mylan develops, licenses, manufactures, markets and distributes an extensive line of generic and proprietary products. For more information about Mylan, please visit http://www.mylan.com/.

About Matrix
Matrix Laboratories Limited is a public limited company listed on BSE and NSE, and is engaged in the manufacture of Active Pharmaceutical Ingredients (APIs) and Solid Oral Dosage Forms. Matrix is one of the fastest growing API manufacturers in India and focuses on regulated markets such as U.S. and EU. The company has a wide range of products in CNS, anti-bacterial, anti-AIDS, anti-asthmatic, cardiovascular, gastrointestinal, anti-fungal, pain management and life style related therapeutic segments. Six API manufacturing facilities of the Matrix Group are approved by the U.S. FDA. The combined FDA approved capacity of the company is one of the largest in the country. The company's Finished Dosage Forms (FDF) manufacturing facility has a capacity to manufacture 2 billion tablets and 300 million capsules on two-shift basis. With about 2,300 employees, including over 300 R&D scientists, Matrix focuses on developing APIs with non-infringing processes to partner with generic players in regulated markets for their early formulation entry. It has recently acquired Docpharma, Belgium, for a front-end presence in Belgium, the Netherlands and Luxembourg. In addition Matrix has a controlling stake in Mchem (China) and Concord Biotech India. Newbridge Capital/TPG Ventures, U.S., and Temasek Holdings, Singapore, are the strategic investors in Matrix with combined holding of about 40 percent.

Platts 2006/11/24

India's Haldia to expand cracker, benzene, PE, PP plants Nov 2007

India's Haldia Petrochemicals plans to debottleneck a majority of its petrochemical plants at Haldia, West Bengal, in November next year, a company source said Friday.
The naphtha cracker and benzene plant are to be brought down in November for 45 days, during which the cracker's s ethylene capacity would be raised from 520,000 mt/year to 670,000 mt/year. Haldia is set to boost its benzene capacity by 33,600 mt/year to 149,600 mt/year.
Following these, Haldia would then expand the capacities of its polyethylene and polypropylene plants. The company's linear low density PE (LLDPE)/high density PE (HDPE) swing unit capacity will be increased to 348,000 mt/year from 270,000 mt/year. Its HDPE capacity will be raised by 73,000 mt/year to 323,000 mt/year. The polypropylene capacity will be increased by 75,000 mt/year to 335,000 mt/year.
Haldia's naphtha cracker and benzene plant utilizes ABB Lummus technology while its HDPE unit uses Mitsui Chemicals Clean-X process. The LLDPE plant uses Basell's Spherilene process technology, while the PP plant is based on Basell's Spheripol process.
In related news, the firm plans tentatively to take offline its benzene plant in April 2007 for a 10- to 12-day maintenance turnaround.

New Delhi (Platts)--9Mar2007India approves investment policy, to set up five petchem zones

India's federal government has approved a new policy for setting up
Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) for making
the country a hub for international markets, an unofficial statement said
Thursday. 

     The government planned to set up five PCPIRs initially, a chemicals and
fertilizers ministry official said. Visakhapatnam (Andhra Pradesh province),
Ennore (Tamil Nadu), Haldia (West Bengal), Mangalore (Karnataka) and Hazira or
Dahej (Gujarat), located on the east and west coasts of India, have been
identified for planned petrochemical zones.

     Mangalore Refinery and Petrochemicals Ltd, ONGC, Hindustan Petroleum Cop
Ltd and Indian Oil Corp have already announced their intention to develop
Mangalore, Dahej, Visakhapatnam and Haldia, repspectively, where they
currently own and operate refinery and petrochemical plants.

     "The Policy Resolution covers the policy objectives, concept of PCPIRs,
role of central and state governments, institutional framework, procedures,
role of developers/co-developers, units in PCPIRs, dispute resolution etc,"
read an official statement. The policy has been approved by the Cabinet
Committee on Economic Affairs (CCEA), headed by Prime Minister Man Mohan
Singh.

     "This [policy] will attract major investment, both domestic and foreign,
by creating investment regions, which would have excellent infrastructure,
that would provide conducive and competitive environment for setting up
businesses," the statement read. [For example,] "an integrated Petroleum,
Chemical & Petrochemical complex would reap the benefits of co-siting,
networking and greater efficiency through use of common infrastructure and
support services. Such a complex would boost manufacturing, augment exports
and generate employment."

日本経済新聞　2007/6/22

印に３００億ドル支援　インフラ整備　基本合意へ　官民、最大規模に

　甘利明経済産業相は６月末からインドを訪れ、同国のインフラ整備事業に協力することでインド政府と基本合意する。事業には２０１９年までに計９００億ドル(約１１兆円)に上る資金が必要とされており、日本は官民合わせて最大３００億ドル程度を支援する方向だ。海外の一つのインフラ事業に拠出する額としては過去最大規模になる。
　支援するのは「デリー・ムンバイ間産業大動脈構想」と呼ばれる事業。首都ニューデリーと西部の商業都市ムンバイの約１５００キロの間に、貨物鉄道や工業団地、港湾などを建設する。日印両政府は次官級の作業部会を設けて検討を進めており、年内にも構想を具体化させたい考えだ。
　日本は政府の円借款と民間の直接投資により支援する。経産相の訪印には日本の自動車や商社、電機などの幹部も同行。インフラ整備の中心的役割を担うインドの財閥系企業との協力へ向けて対話する。ミッションの団長はスズキの鈴木修会長が務める。
　インド政府は日本の支援によって先進国に比べて遅れているインフラ整備を進め、欧州や中東への輸出拠点としての地位を確立する狙いがある。

Platts 2007/7/12

India to complete acetic acid, acetyl chloride plants by 2008

India's IOL Chemicals & Pharmaceuticals Ltd. plans to bring online its first monochloro acetic acid and acetyl chloride plants at Barnala, Punjab, by June 2008, a company source said Wednesday.

When on-stream, the plants will have the capacity to produce 6,000 mt/year of monochloro acetic acid and 5,000 mt/year of acetyl chloride.

The industrial chemicals and acetic acid manufacturer will initially sell some of its output, but eventually it will be channeled for captive use in the firm's production of ibuprofen, the source said.

IOL recently boosted its ibuprofen plant capacity to 3,600 mt/year from 1,800 mt/year, and plans to add another 3,600 mt/year plant by December 2009.

In December 2006, the company debottlenecked its acetic acid plant capacity from 30,000 mt/year to 50,000 mt/year, its ethyl acetate yield from 18,000 mt/year to 33,000 mt/year and acetic anhydride capacity from 7,500 mt/year to 12,000 mt/year.

2007/7/17 Platts

IG Petrochemicals considering PA expansion at Taloja

IG Petrochemicals Ltd is considering expanding its phthalic anhydride production capacity, the company said Monday.

'The Board of Directors of the Company has considered and approved the proposed expansion of capacity,' said IG Petrochemicals in a statement after the board meeting on Monday evening. The company currently operates 120,000 mt/year phthalic anhydride plant at Taloja, near Mumbai.

An IG Petrochemicals official said that the size of the new capacity would be decided after a feasibility study and would be added in the second half of 2008.

The company also announced the financial results for Q2, reporting an 86% rise in net profits. It recorded a Q2 net profit of Rs 100.5 million ($2,498,135) and a turnover of Rs 1,520.43 million ($2,095,148).

Commenting on the latest financial results, IG Petrochemicals managing director Nikunj Dhanuka said: 'IG Petro's good performance is mainly due to high demand of PAN in the international markets and efficiency in operations'.

The strong growth in demand for the products, such as phthalate plasticizers, alkyd resins, dyes and pigments, from Indian market has also helped the company to achieve higher revenue in the last quarter.

IG Petrochemicals had previously increased its production phthalic anhydride from 45,000 mt/year to 120,000 mt/year at Talo

---

I G Petrochemicals

Incorporated in the year 1988 as 100% Export Oriented Unit (EOU), I G Petrochemicals Limited has relentlessly marched towards achieving its goals and objectives.

We adhere to international standards while producing Phthalic Anhydride and our persistent stress on quality has made us a respected name in international markets. Our strict quality control standards are our hallmark. We are Six-Sigma practicing company with ISO 9000/2000 certification.

Our principal business revolves around the production of Phthalic Anhydride, which is mainly used in the manufacture of Plasticizers for production of PVC products, shoe soles and other commodities, Alkyd Resins for manufacturing of paints, as an intermediate in production of dyes and pigments, and in production of Unsaturated Polyester Resins (UPRs).

The plant is located at MIDC, Taloja in Raigad District, Maharashtra, India, 50 Km away from Jawaharlal Nehru Port Trust (JNPT), Nhavasheva.

We constantly strive to grow and expand as an organisation, setting new standards for ourselves. In 1997, we enhanced our production capacity from 45,000 MTPA to 110,000 MTPA to tap growing national and export markets.

Our future plans include, capacity increase on a mega scale and product diversification into petrochemicals.

We at I G Petrochemicals Limited believe we all are responsible for the air we breathe, the water we drink and the space we take up. We all are responsible towards our environment.

Keeping the environment clean is our utmost concern. The effluent water which is rich in Maleic acid resulting from production of Phthalic Anhydride is recycled to manufacture Maleic Anhydride. Similarly, the Phthalic Anhydride distillation residues, like high boiling residue and low boiling residue, are mixed together and fired in the heat transfer oil heater along with the furnace oil as fuel.

　

Platts 2007/10/17

Indian SAPL-IFC in talks on loan for Egypt's PET resin project

India's South Asian Petrochem Ltd. is in talks with the International Finance Corp. on the sale of an equity stake and a loan for development of a 315,000 mt/year polyethylene terephthalate resin plant at Damietta on Egypt's Mediterranean coast, a company official said Tuesday.

The project involves an estimated investment of $135 million.

"We have offered a stake in South Asian Petrochem to IFC as part of a loan package to the Egypt PET resin project," said the SAPL official without disclosing the size of the equity stake and the loan. However, an IFC statement said it was considering a loan of up to $20 million and equity investment of up to $6 million in SAPL, which would be used to fund its proposed equity in the Egypt project.

The Kolkata-based SAPL early this year entered into a joint venture agreement with Egyptian Petrochemical Holding Co. to set up a PET resin plant at Damietta by the end of 2009. SAPL will hold 70% equity in the project, while Echem and Engineering for the Petroleum & Process Industries will own 23% and 7%, respectively.

The project, the first PET plant in North Africa, will export to Europe and North Africa, besides catering to the Egyptian market. SAPL, India's second-largest PET manufacturer, operates a 180,000 mt/year Bottle Grade PET resin plant at Haldia in West Bengal, close to the Mitsubishi's PTA plant.

July 03, 2008 business-standard　

Ineos, Mitsui in race for equity stake in ONGC's Dahej project

・Ineos, Mitsubishi Chemicals and Mitsui Chemicals are among the multinational companies that are in the fray for a stake
・OPaL is also considering an equity tie-up with Petronet LNG (PLL)
・It has roped in Rothschild and ABN Amro to hunt for the equity partners
・ONGC holds a controlling 26% equity share in OPaL

　RS=2.45yen crore= 10,000,000 　Rs12,500-crore＝1250億RS

At least a dozen companies, including foreign firms, have expressed interest to pick up a stake in ONGC Petro Additions (OPaL), ONGC's mega petrochemical complex in Dahej, Gujarat.
Ineos, which is one of the world's five largest chemical companies, Mitsubishi Chemicals, Japan's top petrochemical maker, and Japan's Mitsui Chemicals are among the multinational companies in the fray for a stake in the Rs 12,500-crore OPaL.

OPaL is also considering an equity tie-up with Petronet LNG (PLL), sources said.

OPaL has roped in Rothschild and ABN Amro to scout for equity partners.

According to sources, the company is also in talks with a couple of oil and gas PSUs, including Indian Oil Corporation (IOC), and overseas financial institutions like the West Asia-based QIP group.

A senior ONGC official refused to comment on prospective investors, stating that negotiations were at an early stage and the partners would be finalised in the next couple of months.

ONGC holds a controlling 26 per cent equity share in OPaL, which is evaluating a number of partners, and the proportion of the equity tie-up will be less than 26 per cent.

The upcoming petrochemical complex is an anchor tenant in the upcoming Dahej Special Economic Zone (DSL), which is spread over 1,700 hectares. ONGC holds a 24 per cent equity stake in DSL, while state-owned Gujarat Industrial Development Corporation (GIDC) owns a controlling 26 per cent stake.

The petrochemical complex will come up on 500 hectares with a 55-acre ethane and heavier hydrocarbons (C2+) extraction unit adjacent to it.

Over 90 per cent of the work on ONGC's C2+ extraction plant is expected to be commissioned by this year. The unit will act as a feedstock provider to the petrochemical complex.

OPaL is targetting to sell the feedstock to companies like Reliance Industries-owned Indian Petrochemical Corporation (IPCL) in Dahej till its petrochemical complex commissions in 2012.
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2008/7/3 plastemart.com

Ineos, Mitsui, Mitsubishi vying for stake in ONGC's Dahej project

Ineos, Mitsubishi Chemicals and Mitsui Chemicals are among the multinational companies in the fray for a stake in the Rs 12,500-crore ONGC Petro Additions (OPaL), ONGC's mega petrochemical complex in Dahej, Gujarat. OPaL is also considering an equity tie-up with Petronet LNG (PLL).
ONGC holds a controlling 26 % equity share in OPaL, which is evaluating a number of partners, and the proportion of the equity tie-up will be less than 26%.
Over 90% of the work on ONGC's C2+ extraction plant is expected to be commissioned by this year. The unit will act as a feedstock provider to the petrochemical complex.