The Hindu Business Line : Shreya Life targets Rs 500-cr turnover by March 2005

"The strategy includes acquisition of brands with significant market share and takeover of attractive manufacturing facilities," the SLSPL Sales Manager, Mr Amitava Sengupta, told newspersons here on Tuesday.

Shreya Life is a Mumbai-based Rs 190-crore Indian subsidiary of the Moscow-based $400-million (around Rs 1,800 crore) Shreya Corporation.

Addressing a press conference on the eve of launching the company's drug for erectile dysfunction currently being manufactured under the guidance of the global pharmaceutical major Eli Lilly, Mr Sengupta said the company had entered the Indian market in August 2001 by taking over the pharmaceutical division of Rallis India, a Tata enterprise, at a cost of Rs 49 crore.

Subsequently, the company acquired two more Indian companies - Plethico and Ethico - at a cost of around Rs 85 crore during January last year. "With continuous excellent performance, the company is set to record a turnover of Rs 190 crore plus for the current fiscal," he said.

However, Mr Sengupta declined to divulge the exact size of funds earmarked by the company for acquisitions and takeovers during the next fiscal. "We are very keen on brand acquisitions and takeovers and looking for joint ventures to grow aggressively. Funds are not at all a constraint," he said.

According to him, the company has recently set up a new manufacturing facility at Pune for the production of human insulin and hepatitis-B. The human insulin, which is slated for launch during the next calendar year, would be in a painless injectible form with novel drug delivery system. Admitting that the hepatitis-B market was already crowded in the country margins down, he said the company still finds significant potential for the product.

Mr Sengupta said the Indian market for ED was currently estimated at around Rs 70 crore and was growing at a rate of 20 per cent per annum. The Drug Controller General of India has so far given clearances to 10 players to market their ED products in the domestic market and Shreya Life is the second Indian company after Ajanta Pharma to enter this segment, he said.

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