Poly Medicare to invest Rs 25 cr

Delhi-based Poly Medicare Ltd, manufacturers of medical devices and disposable under the brand name "Polymed", and having manufacturing facilities in Haryana, is coming up with two new units, one in Haridwar and the other in Ballabgarh (Haryana) with a total project cost of Rs 25 crore.

The company will cater to the domestic and international markets. Also, it is coming up with products and applied for eight patents and two approvals from the United States Food & Drug Administration for its new range of safety syringes and safety blood collection holders and tumber.

The new unit is likely to start by January next year. In January, the company completed the first phase of its expansion. With the new set-up, the manufacturing capacity of the company will reach 170 million units per annum from the current 130 million.

Currently, it has two manufacturing facilities in Ballabgarh and one joint venture in Egypt. It has acquired a US company with an investment of $1 million to cater for the US market.

The company manufactures more than 40 products under categories like IV Cannulaes, Infusion Therapy Devices, Central Venous Access Catheters etc.

Talking to Business Standard, Managing Director Himanshu Baid said, "We are growing at a phenomenal rate of 40 per cent (domestic) compared to the industry growth of 10-15 per cent. The company will also start two manufacturing plants in Haridwar (Uttaranchal) and Ballabgarh (Haryana) to meet the growing demand with investment of around Rs. 25 crores."

He further added, "We are now focusing on tie-ups with large hospital group like Apollo, Wockhardt, Max etc. in the country to increase presence in the Domestic Market."

The company is already exporting its range of products to more than 50 countries across different continents including Europe, Africa, Asia and South America.

The turnover of the company was Rs 73 crores for the financial year 2005-06, wheareas this year the company is targeting to achieve Rs 100 crores as turnover.

Moreover, the Net Sales during the quarter April-June 06 have gone up to Rs 20.52 crores from Rs 17.44 crores in corresponding quarter previous year showing an increase of 17.6 per cent.

The company is a listed company in Mumbai and Kolkata Stock Exchange from day one. In 2003 company established a joint venture in Egypt. In 2006, company has acquired US Safety Syringes with the investment of $1 million to cater the US market.