With an investment of Rs 1,500 crore, the company plans to expand its range in all divisions by adding new products like blood bags, infusion pumps and medical bandages.
Cores chairman and managing director Sushil Handa said in a press conference here today the company plans to cross a sales turnover of Rs 1,000 crore by 1997-98.
The company believes in a strategy based on focus, world-class technology, quality, global capacities and market leadership. We want to become a truly global company.
Handa said core had signed a joint venture agreement with Uzfarmprom of Uzbekistan to manufacture IV Fluids in Tashkent.
The nine million dollar project christened Core Pharmasanoat Ltd will be commissioned by mid-1997.
Its initial capacity of six million bottles per year will be expanded three times a year after the production kicks off.
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Handa said core will hold 60 per cent equity in the joint venture.
Uzfarmprom is a Uzbek government-owned pharmaceutical company which directs operations of 19 companies, institutes and enterprises.
Uzfarmproms chairman Kabul Shadiev told reporters that there was a huge demand-supply gap and that IV fluids in Uzbekistan were currently being imported from Russia.
Besides, there is tremendous scope for export to neighbouring countries like Kirghiztan, Kazakhastan, Turkmenistan and Tadzhikistan, he said.
Shadiev said the new company will employ the aseptic FFS technology for the first time to make IV fluids using Rommelag machines in Uzbekistan.
Shadiev said infrastructure facilities were already available at the site, about six km from the centre of Tashkent, and there would be no taxation for the first five years.
Handa said Core would soon set up another joint venture project for the manufacture of IV fluids in Jebel Ali Free Trade Zone near Dubai.
The 18-million dollar project will be commissioned by next year-end.
With international presence in more than 63 countries, Core is planning manufacturing facilities at multiple locations globally.
In India, Core has two manufacturing facilities in Gujarat one at Rajpur and the other at Sachana near Viramgam.
While the first is recipient of ISO 9002 certification from BvQI in London, the second is spread over 1,000 acres.
Handa said the integrated healthcare product campus is one of the largest facility for manufacturing IV fluids in the world.
The annual capacity of large volume parenteral stands at 240 million bottles. More than 40 per cent of the total production is exported to 58 countries across southeast Asia, CIS, Europe, the Gulf, Africa and Latin America.
The company has created warehousing facilities in the CIS countries and Myanmar which will later cover Germany and The Netherlands.
Its product range include IV fluids, irrigation solutions, total parenteral nutrition, blood products, renal care, surgicals, medical disposable and devices, medical equipment, pharmaceuticals and small volume parenteral.
Core started its operations in 1988 with an investment of Rs 4.50 crore.
Now the company has an asset base of Rs 450 crore and posted a turnover of Rs 200 crore last fiscal year.