Thaindian News

Vadodara, March 31 (IANS) City-based Alembic Ltd, one of the leading pharma entities in India, completed its year-long centenary celebrations Monday with a resolve to become a Rs.20-billion ($500 million) company in the next four years. Unfolding the promise, Alembic chairman Chirayu Amin said the company was on the threshold of crossing the Rs.10-billion mark during the current fiscal ending March 31, 2008. Every effort will be made to double this turnover by 2011-12.

Former president A.P.J. Abdul Kalam and Gujarat Chief Minister Narendra Modi, who spoke at the ceremony, complimented the Alembic for the critical role it had played in providing quality drugs at affordable price.

Modi announced that a biotech park would be set up in Vadodara, about 110 km from Ahemedabad. Kalam and Modi released two books on the 100-year journey of Alembic.

Set up in 1907 as Alembic Chemical Works, the firm was among the first companies to produce penicillin in India with totally indigenous technology. Alembic now is the market leader in the macrolides segment of anti-infective drugs in the country.

The company’s manufacturing facilities are in Vadodara city and Panelav in Vadodara district and Baddi in Himachal Pradesh.

Amin said the international business would contribute 45 percent to total revenue in the next four years from the current 25 percent.

The company was also expected to sign a large contract manufacturing agreement with a pharma multinational but details could not be given due to confidentiality clauses, Alembic said in a statement.