Delhi-based Modi Mundi Pharma will invest $ 1 million in setting up a plant in Bangladesh for manufacturing betadiene. The plant, which is expected to be commissioned by mid-2004 will have capacity to manufacture 100 tonnes of the bulk and the plant would also be engaged in formulating Betadine ointment and solutions.

The Bangladesh plant of Modi Mundi will also have an additional capacity to manufacture 40 million tablets of Unicontin and Nitrocontin. Betadine is the major betadiene brand available in the country.

"The plant will cater exclusively to Bangladesh market. The current market for anticeptics in the country is $ 2 million and we hope to garner a market share of about $ 1.4 million within a year or two from now," said Surjit Aurora, vice-president, Marketing & Sales, Win Medicare, a division of Modi Mundi Pharma.

This will be Modi-Mundi's first plant in Bangladesh. So far the company used to only export its products to Bangladesh. "Our current turnover for the Bangladesh market is $ 1.6 million, which we hope to expand to $ 2.5 million within a year," said Aurora.

Mundi Pharma is a 50:50 joint venture between Modi group and the Switzerland-based Mundipharma AG. It achieved a top line of Rs. 45 crore for the year ended March 2003, of which Rs. 4 crore came by way of exports. The company is targeting sales of Rs. 60 crore for the current year, said Aurora.

The company is also planning a new facility at Modi Nagar near Delhi at an investment of Rs.14 crores and is likely to be commissioned by 2004 end. The facility will take care of the export obligation of Modi Mundi Pharma, Win Medicare (a marketing subsidiary of Modi Mundi) and Switzerland-based Mundi Pharma AG in the new markets across East Africa, South East Asia, Eastern Europe and SAARC countries. SAARC countries contribute to 40 per cent of the company's total exports.