Corona Remedies to Relocate Manufacturing Operations from Himachal Pradesh to Gujarat.

Corona Remedies is set to move its female hormone product manufacturing operations from its current facility in Solan, Himachal Pradesh, to a new ₹150 crore greenfield hormone plant in Ahmedabad, Gujarat. The shift is expected to take place within the next 12 months once the Ahmedabad plant is fully operational.

The new facility, located in Bhayla village near Ahmedabad, will initially cater to the domestic market before expanding to global markets. The plant will focus on manufacturing products for women in the age group of 20-50 years, including female hormones like Progesterone and Estradiol Hemihydrate, according to Nirav Mehta, Founder, MD & CEO of Corona Remedies.

Currently, the company manufactures these products at its Solan facility, producing 50 lakh units annually. However, due to the limitations of expanding in the hill station region, the company plans to cease hormone manufacturing at Solan once the new Ahmedabad unit begins operations. The vacated capacity at Solan will be repurposed for manufacturing liquid orals.

The new hormone manufacturing unit in Ahmedabad is in the process of obtaining WHO and EU-GMP certifications. Once completed, it will have the capacity to produce 20 crore units annually, including tablets, soft gel capsules, and ointments. The Gujarat-based facility received its FDCA license in February 2024.

In addition to the new facility, Corona Remedies has also acquired a minority stake in LA Chandra Pharmalab, a Gujarat-based manufacturer of hormone APIs with international regulatory approvals. This partnership will support the hormone plant’s raw material requirements, with sourcing coming from LA Chandra Pharmalab’s facility in Palanpur, North Gujarat.

The company sees a growing need for such a facility in India, given the increasing prevalence of hormonal imbalances, infertility, and conditions like PCOS (Polycystic Ovary Syndrome) among women, driven by factors such as stress and lifestyle. Mehta estimates that around 25 crore women in India between the ages of 20-50 years would benefit from these products.

Corona Remedies, which crossed ₹100 crore in revenue in 2014, has set an ambitious target of ₹1,200 crore in revenues for the current financial year and aims for ₹2,500 crore in the next five years. With women’s healthcare contributing 35% to the company’s revenue, the new hormone plant is expected to be a key driver of this growth.

Currently, 97% of the company’s revenues come from the domestic market, with the remaining 3% from exports. The company plans to increase its export share to 8% in the near future. Corona Remedies’ Ahmedabad facility has an installed capacity of 60 crore tablets, 24 crore capsules, and 2 crore sachets annually. The Solan unit has the capacity to produce 40 crore tablets and capsules, and one crore liquid bottles.

HBL