Alchemist acquires 60% stake in Valiant Healthcare

One of Punjab's leading business conglomerates, Alchemist Ltd (formerly known as Toubro Infotech and Industries Ltd), today announced that it had bought 60 per cent stake in Valiant Healthcare Ltd (VHL) for Rs 45 million, as the part of its growth strategy to focus on the healthcare and agri business.

Valiant, a Delhi-based pharmaceutical company in the sector of branded formulation, currently has 41 branded products being marketed throughout India. Valiant achieved a turnover of Rs 200 million in the financial year 2003-04.

After acquisition, the name would likely be changed to Alchemist Lifesciences Ltd (ALL), a subsidiary of Alchemist Ltd, K D Singh, CMD, Alchemist Ltd, told a press conference.

"Alchemist Ltd had set a target of achieving a top-line of Rs 1000 million for Alchemist Lifesciences Ltd within the next two financial years. We had also acquired land in Uttaranchal for setting up a state-of-the-art USFDA stadard formulation factory, to produce various drugs for the domestic as well as the exports market," he said.

The company also plans to start a herbal division and a generic division in Alchemist Lifesciences Ltd, he added.

VHL is present in Andhra Pradesh, Madhya Pradesh, New Delhi, Uttar Pradesh, Rajasthan, Punjab, Bihar, Orissa, J&K, Jharkhand and Haryana.