Drug firm builds on realty dreams

MDC Pharmaceuticals Pvt Ltd of Chandigarh is venturing into real estate with a projected investment of Rs 100 crore. The real estate project will come up in Baddi, Himachal Pradesh, on a 7- acre plot owned by MDC Estate Private Limited.

Speaking to Business Standard, SL Singla, director, MDC Pharmaceutical Private Ltd, said the real estate project will benefit the company's employees and at the same time serve the requirements of the upcoming industrial township.

The project has got a promoter license from HIMUDA and work will start in the coming months .

"As per the plan there will be 400 dwelling units comprising of two and three bedroom set, with ample living space and greenery surrounding the dwelling units"said Singla.

Also the company is aggressively promoting its pharmaceutical segment in the export market.

He further added that the company's major thrust of operation will lie in the pharmaceutical sector and expansion plans were afoot.

Established in 1994, the pharmaceutical company has its unit located in Saproon(Solan) and another one in Baddi ,Himachal Pradesh. The new state of the art production unit in Baddi manufactures 150 crore material comprising of all the doses forms with automation and minimal human touch according to Singla.

Conforming to to International Standards the ISO: 9001:2000 certified factory and with stringent quality control the company is looking to get a US-FDA approval this year.

"The certification will enable us to move to European and US and our share of the export market which is currently Rs 3 crore,"said Singla. The company is likely to close this financial year with a turnover of Rs 9 crore and is targeting Rs 50 crore next year.

In an effort to tie up with multinational houses for product marketing and manufacturing, the company has already started a set up in New Zealand by the name of MDC International NZ Limited.