Parabolic Drugs to set up 2 units at Rs 100 cr

New Delhi: Pharmaceuticals firm Parabolic Drugs Ltd (PDL), a Chandigarh-based firm, has earmarked Rs 100 crore for setting up a manufacturing unit each in Punjab and Himachal Pradesh.

“To expand our market in these two states we have planned to invest Rs 100 crore for setting up facilities because the investment will help us to expand our research facilities as well,” said Pranav Gupta, managing director.

Gupta said the company was planning to produce therapeutic and antibiotic drugs at these proposed units because now the company was manufacturing only API (Active Pharmaceutical Ingredients) and API intermediates to offer a product basket of semi-synthetic penicillin (oral) and cephalosorin’s (oral).

Gupta said the company would fund the project through a mix of debt, internal accruals and private equity placement.

He added the company had spent Rs 60 crore for expansion of its existing manufacturing unit in Dera Bassi and also Rs 15 crore on R&D at its centre in Barwala in Haryana.

Satisfied with the last year’s remarkable performance of the company in sales, it had set a target of Rs 500 crore for 2008-09, he said, adding, “last year the company had a turnover of Rs 170 crore and in 2007-08 it will be almost Rs 350 crore”.