Promoters of Dr Reddy's Laboratories have no intention of diluting their stake in the company, its managing director K Satish Reddy said today.
"Let me be clear once again. We have no such intention to sell any stake or what so ever. There is no such move (dilution of stake)," Satish Reddy replied when asked on the sidelines of pharma CEOs conclave here.
He said they will continue to focus on achieving three billion dollars turnover by 2013.
"Based on the product pipeline we have currently and also the growth we see in the market, there is a visibility to majority of the target a few million dollars here and there," Satish Reddy said.
The promoters' of the company are holding 26 per cent stake in the company at present.
Earlier there were some reports that the Hyderabad-based Pharma major is likely to sell 5 per cent of its stake to UK- based GlaxoSmithKline (GSK).
Last year Dr Reddy's entered into an agreement with GSK for supplying over 100 branded drugs to be sold in Africa, west Asia, Asia Pacific and Latin America.
As per agreed terms, the products will be manufactured by Dr Reddy's and will be licensed and supplied to GSK in various emerging markets excluding India. Revenues will be reported by GSK and will be shared with Dr Reddy's. In certain markets products will be co-marketed by Dr Reddy's and GSK together.
There were reports that GSK had been eying 5 per cent of Dr Reddy's stake from a consideration of $150 million.