Chandigarh, May 6 (UNI) BTS India Private Equity Fund Limited today announced that it was investing around 7 million in Parabolic Drugs, a fast-growing pharmaceutical company based in the tricity.
The capital will be used for funding Parabolic's next level of growth and will be largely used for significantly expanding capacities for its existing and new products.
Several of the pharmaceutical companies invested through the Fund, managed by Swiss based BTS group, have been nominated by CNBC TV18, ICICI Bank and CRISIL for the SME awards.
Parabolic Drugs which has facilites at Derabbasi and Panchkula near Chandigarh has already established itself with several global pharmaceutical companies as an important supplier for APIs and bulk drugs ranging across several products in the betalactum and cephalosporins range.
"The current round of capital raising is a step towards further broadening the product and customer base, and take the company towards its target of crossing Rs 10 billion in sales over the next couple of years," said Mr. Pranav Gupta, Chairman and Managing Director, Parabolic Drugs.
According to Mr K Srinivas, Managing Partner, BTS "We are excited about partnering with Parabolic, which has a long term strategy of becoming a preferred supplier of its products to global customers both in the regulated markets in Europe and US. We are bullish on the Indian pharmaceutical sector and its continued sustained growth." UNI JN JS1738