Ranbaxy Laboratories, has set a target of 15 per cent growth in its global revenues for the current year, hoping to fare stronger in the European market along with the United States where its product Simvastatin 80 mg garnered 56 per cent market share last year.

The company, which posted 17 per cent growth in its global sales, to touch a consolidated sales turnover of Rs 60,698 million during 2006, also decided to continue its spree of acquisitions in the emerging as well as the developed markets during the current year, its CEO and the managing director Malvinder Mohan Singh told newsmen yesterday.

While the sales in US increased by 15 per cent to touch US$ 380 m last year, Europe which contributed US$ 194 m to the overall sales registered a decline of 4 per cent during the period, reportedly due to the changing market dynamics there. The business in India grew by 19 per cent, with Rs 11580 million worth sales during the year.

The board of directors, which met yesterday, also gave approval to acquire a strategic stake of 14.9 per cent in Krebs Biochemicals and Industries. The company expected to grow well beyond market growth rate in the domestic sector, which is expected to grow by 15 per cent in the current year.

Ranbaxy closed eight acquisitions during the last year, including the purchase of Be-Tabs of South Africa for US $70 million, which made the Indian pharma major to increase its presence there. The South African company had EBIDTA margin of 30 per cent in the region.

Singh, refusing to go into the details of his bid for Germany's Merck Generics, said the process and due diligence would begin by February and company would raise funds through a combination of private equity and debt, as approved by the shareholders already.

He said the company got 10 approvals after filed 27 ANDAs. Out of the total 197 ANDA filings, still 76 are pending with the US FDA. Its RBX 11160 anti-malaria molecule was currently undergoing phase II-B clinical trials.

The board approved Atul Sobti as a whole time director. He was recently elevated to the position of chief operating officer to pursue its aggressive growth plans.