The Mumbai based pharmaceutical company, Lifeline Industries Ltd, is investing Rs 40 crore for the capacity expansion at Bidar, Karnataka. The expansion is expected to get over by last quarter of current financial year. The company is arranging required funds from internal accruals and taking term loan from Canara Bank.
Recently, Lifeline has acquired Satwik Drugs Ltd at Bidar for a total consideration of Rs 15 crore. The Satwik Drugs holds third rank for manufacturing Ibuprofen in India. The company is expanding its present capacity of 100 tonns per month to 400 tonns.
Speaking to Pharmabiz, Nikunj Kanakia, managing director, said, "We are growing very aggressively through inorganic route. With this acquisition we are targeting to hold first rank in India for manufacturing Ibuprofen. We are expanding Bidar production capacity and it is likely to complete in another 7-8 months. We have filed drug master files (DMFs) in UK, France and Poland and few months' back we got confirmation from regulatory".
The company is manufacturing active pharmaceutical ingredients and chemical intermediates for domestic as well for international market. It has manufacturing facility at Taloja, Mahad, Solapur, Bidar and Vasai. Lifeline has product basket for cardiac, anti-depression and anti-fungal therapeutic areas. And also has plans to expand its therapeutic areas in the near future. Its Solapur plant is the largest Indian producer, of cyanoacetic acid and downstream purines such as theophylline, theobromine etc. Currently, it has strength of 1200 peoples and after expansion it is expected to reach up to 1600.
Lifeline has its international presence in Middle East, Far East and European markets and continuously expanding other markets also. During 2007-08, it has achieved a total turnover of Rs 275 crore and targeting to touch Rs 350 crore during the current financial year. Its export earning has contributed Rs 70 crore and company is expecting to double the same.