The company's plan of foraying into Gujarat comes in the wake of its joint venture with a Chinese company for exporting chemicals.
"With the Chinese government incorporating stringent measures against several industries, there is an acute shortage of raw material suppplies to China which is a tremendous boost for intermediary companies like us. We have therefore entered into a joint venture with a government company in China for export of these raw materials," said Ravi Kumar Murthy, advisor to managing director at Anu Laboratories.
Apparently, the JV results in Anu Laboratories becoming the first Indian pharmaceutical company to have partnered with the Chinese government, claimed Murthy.
Presently, the company is expanding its active pharmaceutical ingredients (API) manufacturing capacity at its Vizag plant and plans to later shift its export operations to the Gujarat plant.
To begin with, Anu Laboratories plans to set up trading and processing operations in Gujarat at an investment of Rs 20-30 crore in few months.
Meanwhile, Anu Laboratories is already in talks with some of the SEZs in Gujarat for setting up the plant. Once commissioned, the expanded capacity through the plant in Gujarat is expected to double the turnover of the company, said Murthy.
While the company pegged a turnover of Rs 167 crore in the financial year 2007-08, Anu Laboratories expects to earn revenues of over Rs 250 crore in fiscal 2008-09.
