Nalagarh (HP), Nov 18 (PTI) Pharma company Promed Group
plans to divest 10-15 per cent stake to private equity company
for funding its capacity expansion programme. "We are in talks with 3-4 domestic and global private
equity players to divest stake in order to raise money which will be utilised in funding our capacity building programme,"
Promed, Exports, President Deepak Bahri told reporters here
today.
However, he did not divulge the amount the company was expecting to raise through this deal. "We expect the deal will be struck after next six months," he said.
Besides, the Delhi-based company also has plans to launch its Initial Public Offer after next four years. "Yes we have plans to go for public issue but it may happen in 2011-12 when we reach Rs 300 crore turnover mark in order to raise more funds," he said.
The company is embarking on a massive expansion programme, entailing an investment of Rs 120 crore to raise the production capacity of its sterile products by four times in the next three years with an objective to cater to new export markets.
"In the first phase, we will be investing Rs 55-60 crore in our plant in Himachal Pradesh for doubling the capacity of sterile products from 90 million units at present within next 12-18 months. Thereafter, we have another plan to spend a sum of Rs 60 crore for further expanding our capacities primarily
in ophthalmic solutions," he said.
Claiming to be second largest pharma company in eyecare
market of Russia, the company has plans to enter regulated markets of the US and Europe by 2010-11. "We have already applied for US FDA and European
regulators for entering these markets and we hope to get approval from EUGMP (European Union Good Manufacturing Practices)in the first quarter of next year and USFDA
certification by end of 2009," he said.
Having registered 30 per cent Compound Annual Growth Rate (CAGR) for the last 8 years, the company targets to achieve over six-fold jump in sales to Rs 500 crore by 2012-13 on the back of consolidating its position in new export markets. The company is also in the process of developing new herbal drugs for diseases such as arthritis, liver problem and diabetes. "We hope that our new products will be launched within the next 6 to 9 months," he said. Promed's product portfolio includes ophthalmic formulations, nasal drops, ear drops, wound care solutions and inhalation solutions.
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