Mumbai, Sep 27 (UNI) Flamingo Pharmaceuticals, a closely held Indian pharmaceutical company having its presence in global markets for two decades, today announced its plans to double its capacity by investing Rs 100 crore in the existing plants, in order to strengthen its presence in the domestic market.
Addressing a press conference, Flamingo's Managing Director Ashwin Thacker, said that the proposed expansion plan is aimed towards achieving a turnover of Rs 500 crore in the next five years.
The proposed capex requirement will be raised either through internal acrual, or private equity. Mr Thacker also did not rule out the possibility of an Initial Public Offering (IPO).
According to him, the Company has decided to increase the capacities of the existing product range and plans to enter into diabetic and cardio therapeutic areas. It also plans to enhance its production capacity to 6 billion units per annum (pa) from the existing 3 billion units pa.
Flamingo, which started its operations in 1986, with an initial turnover of Rs 35-40 lakh, reached to a scale of Rs 125 crore, in terms of turnover by now and expects to register a total turnover of Rs 175 crore in the current financial year.
Giving further details of the expansion plans, Mr Thacker said that he expects an increase in the Company's liquid dosage from business in Africa with a 50 per cent unit-wise increase in sales of few good brands - 'red iron', 'b-ferric' on year on year basis. The Company has also received registration of other liquid preparations in South East Asia, he said.
Flamingo has two manufacturing units with world-class quality standards, at Rabale (Mumbai) and Taloja (Raigad) in Maharashtra.