The Mumbai-based Shreya Life Sciences Pvt Ltd., has opened a subsidiary in the UK, Shreya UK Ltd., in order to spearhead the company's acquisition plans in Europe, said senior company officials. Besides, Europe, Shreya is in the lookout for serious acquisitions in the Asia Pacific region and the Gulf.

"Our UK office will explore the possibilities of acquisition in countries like UK, Germany, France and Spain. Our objective is to attain inorganic growth with acquisitions. Besides, through buyouts we are looking to fill in deficiencies we have in the areas of new technology and geographic coverage," said Ajit Bhaskar, director, Shreya Life Sciences.

Shreya Life Sciences is promoted by the Russia-based Shreya Corporation, which is the third largest pharma distributor in Russia.

Shreya Life Sciences achieved a turnover of Rs 200 crore for the year ended March 2004. The company's aim is to double its turnover in the next 2-3 years, said Bhaskar. "Exports will be our focus area. We are intending to achieve an export turnover of Rs 100 crore by March 2005 and Rs 180 crore by March 2006," added Bhaskar.

Shreya currently exports its products to semi-regulated and non-regulated markets of the world. Besides, its India operations, the company also runs a joint venture in Zimbabwe called Caps Shreya Ltd.

Shreya expects to commission its Export Oriented Unit (EOU) in Aurangabad by March 2005. The EOU is built at an expenditure of Rs 35 crore. It is also building a facility for the manufacture of capsules, liquids, injections and ointments at Roorkie in Uttaranchal, at an estimated expenditure of Rs 35 crore.

Shreya is completing its biotech manufacturing facility in Pune built at an estimated cost of Rs 72 crore. The company has acquired an additional area of 5 acres near this facility for building an R&D centre and is expected to be completed by December 2005.