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Parenteral Drugs to set up two manufacturing units
By siliconindia
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Thursday, 11 December 2003, 20:30 IST
KOLKATA: Indore-based pharma company Parenteral Drugs (India) Ltd has decided to set up two new units at a cost of about Rs 50 crore while expecting a turnover of about Rs 175 crore this fiscal.
Its chief executive officer Anil Mittal told reporters on Wednesday that the two green-field units would be set up at Baddi in Himachal Pradesh and Hyderabad to manufacture formulations and intra-venous fluids.
"The new units, each of which will cost about Rs 25 crore, will come up by the next one year. The Baddi unit will produce formulations while the Hyderabad unit will produce both formulations and intra-venous fluids," Mittal said.
The company, which recently had taken over the Punjab Formulations Ltd, was expecting to garner a turnover of about Rs 175 crore and a profit before tax of about Rs 15 crore this fiscal.
"We had so far focussed only on intra-venous fluids, but now we are going into formulations as well," he said, adding the company would also concentrate on exports in future.
"We have set a target to achieve a turnover of 500 crore by 2008. Exports will contribute about 20 per cent of the turnover target," he said.