Mr. Sudhir Vaid
, the main promoter and the Managing Director of Concord Biotech
, and his
associates will continue to hold 29% stake in the company.
Other existing shareholders will hold 16% stake.
As per the understanding, Mr. Sudhir Vaid
team will continue to spearhead the operations of the company under the guidance of the Board in which Matrix
will have majority representation.
has posted a net profit of Rs.
2 crore on a sales turnover of Rs.
15 crore for FY 05, and is poised to achieve significant growth in the near future.
Promoted by Mr. Sudhir Vaid
, a biotechnologist with 29 years of experience, Concord Biotech
started its operations in April 2000 by acquiring the manufacturing facility from DSM and expanding into R&D and manufacturing facilities for Bio-tech based APIs.
The manufacturing and R&D facilities of the company are located at Dholka, near Ahmedabad in Gujarat.
Mr. Sudhir Vaid
has successfully demonstrated and transferred commercial scale fermentation-based technologies to some of the leading biotech companies in India and abroad, prior to promoting Concord.
Under the visionary leadership and guidance of the Matrix Laboratories'
management, Concord Biotech will play a vital role in establishing as a major player in the fermentation technology-based products globally," said Mr. Sudhir Vaid
, the promoter and the Managing Director of Concord Biotech.
The commitment shown by Mr. Sudhir Vaid
team for the company post acquisition of controlling stake by Matrix
will add to the management depth of Matrix Group
Matrix and Concord
have agreed upon for entering into a management contract for key personnel of Concord for a period of five years.
In addition, Mr. Sudhir Vaid would also enter into a non-compete agreement with Matrix for three years, which would commence after the completion of the period of the management contract.