Expects to foray into US market by year-end
P.T. Jyothi Datta
Mumbai, Aug. 30
In its 10th year of operation, medical-devices company Poly Medicure Ltd is scouting for a strategic partner to take it to the next level of growth. The company expects to appoint a consultant by mid-September for the match-making.
Mr Himanshu Baid, Poly Medicure's Managing Director, told
Business Linethat he expectsto have a strategic partner on board, from Europe or the US, by the end of this year. The estimated Rs 73-crore company expects to close March 2007 with a turnover of about Rs 90 crore.
Promoters at present hold 47 per cent equity in the company.
To foray into US market
By this year-end, Poly Medicure also expects to foray into the US market through US Safety Syringes, a company it acquired in March. Through the acquisition, Poly Medicure got two products approved by the US regulatory authority (safety-syringes and safety blood-collection holders), eight patents and plant machinery, Mr Baid said.
The machinery has been brought to India and would be integrated with Poly Medicure's plants in India. By the end of this year, the company would start exporting the two approved products to the US, he said.
A lion's share of Poly Medicure's turnover comes from exports. Poly Medicure manufactures more than 40 products such as IV Cannulaes, Infusion Therapy Devices, Central Venous Access Catheters, Anaesthesia and Blood management devices, among others. The company exports
to markets in Europe, Africa, Asia and South America.
The company is also looking to expand its coverage in the estimated Rs 7,000-crore domestic medical disposables market, he said. With private players entering the healthcare market, the demand for medical disposables has increased, he added.
The company is looking to expand its manufacturing capacity, with new plants at Faridabad and Uttaranchal. Poly Medicure already has a plant in Faridabad and another in Egypt, through a joint-venture company where it holds 23 per cent.
The estimated Rs 25-crore capacity expansion would be done in two phases, with Rs 12 crore to be invested this year. The Faridabad plant is slated for completion by end 2006, while the Uttaranchal plant will be ready by March 2007.