The National Company Law Tribunal, Ahmedabad Bench, (NCLT) has approved the scheme of amalgamation of Lincoln Parenteral Ltd and Lincoln Pharmaceuticals Ltd under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013.

The appointed date of the scheme is April 1, 2019. The scheme will be effective upon the filing of a certified copy of the order of the Hon'ble NCLT with the Registrar of Companies, Gujarat.

Lincoln Parenteral Ltd is a subsidiary company of Lincoln Pharmaceuticals Ltd engaged in the business of small parenteral injection products. For the year ended March 2021, Lincoln Parenteral reported a turnover of Rs 44.64 crore and a net profit of Rs. 1.84 crore. Lincoln Pharmaceuticals Ltd holds 98.58% of Lincoln Parenteral Ltd as of March 2021.

Commenting on the development, Mahendra Patel, Managing Director, Lincoln Pharmaceuticals Limited, said, "The corporate restructuring will bring a lot of synergies for both the companies and will lead to increased competitive strength, cost reduction and efficiencies, productivity gains and logistic advantages, thereby contributing to its growth. We are confident to improve our growth numbers in terms of revenue, margins and profitability in FY22. Our strategic growth initiatives, product and geographical expansion, operational efficiency and debt-free status are likely to maximise value for all stakeholders in the near to medium term."

The amalgamation is expected to bring in a lot of synergies in terms of operations efficiency, enhance competitive strength, cost-effectiveness and productivity for the combined entity.