Financial Daily from THE HINDU group of publications
Tuesday, Jun 15, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jun 15, 2004 |
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Corporate
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New Projects Marketing - Strategy Polar Pharma to expand capacity — Plans to relaunch Adam brand of condoms Our Bureau
Kolkata , June 14 Polar Pharma India Ltd, which was earlier known as Polar Latex Ltd, is expanding its production capacity and has also relaunched its Adam brand of condoms. According to Mr S. Perumal Pillai, Director & CEO of the company, the Adam brand was launched 12 years ago. However, it lost a large share of the market because of a variety of reasons. "We are now relaunching the brand in the premium sector. The product conforms to all the necessary specifications. At present, we are busy setting up the trade network. We would first launch in eastern and southern India and follow it up in the other regions," Mr Pillai told presspersons. Polar Pharma is one of the four major condom manufacturers in India. Apart from its branded item, the company is also producing in bulk quantities to meet Government orders. It is also exporting to Bangladesh, South Africa and Brazil. The company is expecting a "major order from Brazil for 300 million pieces" during the next few weeks. The company's production unit is located at Balasore in Orissa. Its existing capacity is 750 million pieces per annum. According to Mr Pillai, this capacity would be increased by 10 per cent and its cost would be Rs 5 crore. The expansion activity would be funded through internal accruals and bank loans. Last year too, the capacity of the plant was increased by 15 per cent at a cost of Rs 7 crore. During 2003-04, Polar Pharma's turnover was Rs 45 crore and it is expected to rise to Rs 75 crore during this financial year. "Our share of exports are likely to increase to 65 per cent, this year," he said. The company belongs to the Kolkata-based Polar group of industries, which is popularly known for its fans. The company is listed on the Bombay Stock Exchange, the Calcutta Stock Exchange and the Bhubaneshwar Stock Exchange. The company changed its name because it wishes to start business in other pharmaceutical items. "We would not go in for bulk drugs or formulations. Instead, we would like to deal in medical equipment, diagnostic kit and other items," he said. According to Mr Pillai, the size of the Indian condom market is 650 million pieces per annum, of which 250 million is in the premium sector and the rest is distributed by the Government. The market is growing by 6-8 per cent per annum but 20 per cent of it is in the grey sector, which is dominated by full of Chinese and Korean condoms market.
More Stories on : New Projects | Strategy | Brands | Contraceptives & Protectives
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