Grandix Pharma to expand operations

Fresh from a sell-off deal with Reykjavik-based generic pharmaceuticals company Actavis group, Grandix Pharmaceuticals is planning to expand its domestic operations. It will also spruce up exports by FY08.

Currently operating in eight states, the Chennai-based company will set up marketing units in a few more states, starting with the north-western region, central India and the north-east, in that order.

Plans are also on start exports to Nigeria, Sri Lanka, Singapore, the Philippines and Europe. While Grandix exports to the US through a distribution network, it will set up its own marketing units in other countries.

To fund its Indian expansion, the company will invest around Rs 20 crore, while another Rs 15 crore will be earmarked for international operations. The investment will be financed by the recent selloff of its Chennai manufacturing plant to Actavis. However, the deal size was not disclosed.

"We plan to fund our investments via internal accruals and from our recent deal with Actavis," said A Ramamurthy, managing director, Grandix.