Signet Chemical Corporation, the Mumbai based speciality chemicals major, is planning to add more products and distribution tie-ups in its portfolio besides developing a unique application lab.

The company, which has recorded a 40 per cent growth in the last financial year, expects same level of growth in the next fiscal. With more than 250 products and 20 distribution tie-ups in its portfolio, the company is expected to add a number of products and a couple of tie-ups in the next financial year, according to Harish Shah, Managing Director, Signet Chemical Corporation.

As a venture to exhibit the facilities available with the company, Signet is on an anvil to set up an application lab. Though the project is under wrap at present, the facility would cater the needs of the clients with demonstration of the functionalities of company's entire products, according to a senior company official.

"The application lab will of unique features, which have entirely a different focus from the labs like the facilities of CROs. We would expect to commence the project within the next three years," Harish told Pharmabiz. The company will also step up the technical assistance for the products, as the working pattern is closely related to technical support of a team of experts.

Leveraging the potential of the generic trend in the country, the Rs 110 crore Signet expects to achieve a turnover of Rs 150 crore in the current fiscal. The company foresees a similar growth in the coming years and has set up its target to reach a turnover of Rs 250 crore by 2010, maintained Harish. Signet, one of the largest specialty chemicals company in India, at present has a product line representing the world's leading manufacturers from the USA, Germany, Holland, France, Japan, Belgium, Portugal and Norway.