Karnataka’s Micro Labs Ltd has acquired a formulations plant at Pondicherry from the Hyderabad-based Dr. Reddy’s Labs.

The new facility will be manufacturing capsules and tablets, and help in the capacity expansion of the company to demand of its products. Micro Labs already has a facility at Pondicherry, close to the newly acquired plant which manufactures anti-diabetic, cardiovascular and the company’s flagship brand Anxit, a neuro-psychiatry product.

Company sources informed that discussions were on about the products to be produced at the new facility, which will be operational by this year-end.

The company registered a turnover of Rs. 430 crore and a growth of 33 percent in 2002-03 and is confident to achieve a Rs. 500 crore earnings end of March 2004.

“Our main objective of acquiring this plant is to augment our production capacity,” said Dilip Surana, managing director, Micro Group.

Micro Group is ranked among the 30 top pharma companies in the country manufacturing antibacterials, anti fungal, anti allergies, analgesics, cardiovascular, dermatological, psychotropic, gynaecological, anti diabetic and neurology drugs.