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Marsing has a turnover of $60 million and has extensive distribution network with around 1,200 customers in 100 countries across Europe, Latin America, Africa and West Asia and warehousing facilities in Europe and Africa.

Mumbai , Sept. 6

IN a bid to push up its turnover and increase its presence in the pharmaceutical business, Hikal Ltd has acquired 50.1 per cent shareholding in a Denmark-headquartered European pharmaceutical marketing and distribution company, Marsing & Co.

The acquisition was made at $6 million.

Mr Jai Hiremath, Vice-Chairman and Managing Director, Hikal Ltd, said the acquisition also includes a board majority for the Indian company.

"With this acquisition we will have access to Marsing's network of customers for the promotion of Hikal products."

Marsing has a turnover of $60 million and has extensive distribution network with around 1,200 customers in 100 countries across Europe, Latin America, Africa and West Asia and warehousing facilities in Europe and Africa.

Marsing, founded in 1943, is a key player in the marketing of active pharmaceutical ingredients and raw materials for other chemical industries.

The company also manufactures veterinary medications through its 100 per cent subsidiary Bremer Pharma, Germany.

This acquisition will drive Hikal's turnover to Rs 500 crore next year and take pharmaceutical business to 70 per cent of the topline from the current level of 35 per cent.

Hikal had ended the 2003-04 fiscal with a turnover of Rs 167 crore. Mr Hiremath said the acquisition will be funded by internal accruals and partly by the Exim Bank.

According to him, Marsing is a value-added marketing company and has strong regulatory capability.

He believes that Europe is an attractive market for pharmaceuticals especially the Baltic countries where patent infringement norms are not as stringent as the US.

Hikal has its sights set on Japan for pharmaceutical business, he said.

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