Ind-Swift looking at Rs 350 cr overseas acquisitions
Pharma group Ind-Swift today said it is looking for a string of acquisitions worth Rs 350 crore ($ 75 million) in Europe, Middle East and Latin America to strengthen marketing and distribution network in the regions.delhi Updated: Oct 21, 2009 18:01 IST
Pharma group Ind-Swift today said it is looking for a string of acquisitions worth Rs 350 crore ($ 75 million) in Europe, Middle East and Latin America to strengthen marketing and distribution network in the regions.
The group is also looking at acquiring manufacturing assets within India in the range of Rs 10-20 crore to overcome capacity constraints.
"For overseas, we are looking at acquiring companies which have a large business portfolio, with a smaller asset base in Europe, Middle East and Latin America," Ind-Swift Vice Chairman N R Munjal said.
"We are mainly looking at acquiring companies whereby we can release our products in various countries and which give us synergies with existing capacities in India," Munjal added.
He said the overseas acquisitions will be done by Ind-Swift Ltd -- which makes finished dosages -- in the range of $ 20-25 million each and will be spread over 2-3 years.
The Indian acquisition will be done by the group's other firm Ind-Swift Labs, which makes Active Pharmaceutical Ingredients (APIs) or bulk drugs. The two companies together had sales of Rs 1,200 crore in the last fiscal.
While Ind-Swift Labs has operations spread over seven plants (four of which are on contract), Ind-Swift Ltd has six plants, one of which is utilised only for exports.
Munjal said the company is looking at spending Rs 100 crore on expansion over the next 12-15 months.