Financial Daily from THE HINDU group of publications
Friday, Nov 19, 2004
Financial Daily from THE HINDU group of publications Friday, Nov 19, 2004 |
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Corporate
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New Projects Shreya Life to step up manufacturing capacity Our Bureau,
Mumbai , Nov. 18 SHREYA Life Sciences plans to step up its manufacturing capacity, the Chairman, Mr Sujit Kumar Singh, said here on Thursday. The company would commence the setting up a manufacturing plant in Uttaranchal, in January, he said at a function to launch Recosulin - its recombinant human insulin brand and Recojet - its needle-free insulin delivery device. "We plan to set up a formulation manufacturing plant (to make finished drugs) in Uttaranchal beginning January 2005, with an investment of around Rs 40 crore." Meanwhile, the biotech company is also scheduled to operationalise its 100 per cent export-oriented unit formulations plant in Aurangabad by March next year. Another manufacturing facility, to manufacture insulin crystals, is scheduled to commence operations in Pune by December 2005. "As a three-year-old company it is imperative for us to set up these facilities especially with the imminent patent regime and our need to export to regulated markets," said Mr Ram Shelat, Head, Strategic Alliances & New Business Development. Funds to support these plans would be generated internally, he said. The company expects a turnover of Rs 350 crore by next March with exports contributing the most to its revenue. While the newly launched human insulin brand will be priced around Rs 130 to Rs 145, the insulin delivery device will be sold at Rs 50,000. The company expects a business of around Rs 10 crore to Rs 12 crore from Recosulin by the end of its first year. Picks up stake in Singapore co
IN a bid to increase its access to the South-East Asian market, Shreya has picked up 24 per cent stake in Scigen of Singapore, according to Mr Singh. According to company officials, the company had an existing venture for the transfer of technology. Scigen is a technology and marketing company with access to South-East Asian market. Shreya expects to complete all formalities and list the company in Singapore by January 2005, a company official said.
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