The Carlyle group, one of the world's largest private equity firms with more than $39 billion assets under management, is investing in the Ahmedabad-based Claris Lifesciences.
The Ahmedabad-based critical care and hospital disposable product company is setting up a third unit at its existing facility in Ahmedabad with an investment of Rs 235 crore. The plant will be commissioned by October 2006.
Sushil Handa, founder CEO, said, "Carlyle group will fund Rs 90 crore and another Rs 90 crore will be through borrowing. The balance will come from internal accruals."
The company is also looking at a sharp increase in turnover to Rs 1,200 crore in two years from Rs 290 crore clocked in 2005.
The turnover has already crossed Rs 400 crore thus far in 2006 and the company hopes to end the year with Rs 450 crore. The projected growth for 2007 is Rs 650 crore.
Claris hopes to achieve this through its focus on export markets such as Latin America, US and Europe. Handa said the Latin American operations have contributed 30 per cent to its turnover during 2005 and the share is expected to remain the same even on a higher overall turnover for the next couple of years.
With a presence in around 20 countries in Latin America, Claris ranks among the top five in most of the regions. It has managed to churn in about 30 per cent of its sales turnover in the injectable segment from Latin America.
"In next two years we aim to achieve $100 million sales from the region," Handa said.
The company's range of over 175 products and delivery systems extends across enteral and parenteral nutrition, anaesthesia, blood products and plasma volume expanders, anti-infectives, dialysis and transplant, cardiac care, infusion therapy as well as medical disposables and equipment.
Claris has received approvals from the regulatory authorities of Brazil (ANVISA) and Colombia (INVIMA), besides being approved by authorities from the UK, Australia, Finland and GCC.
Overseas markets contribute 55 per cent of the total turnover and the company hopes to increase it to 65 per cent in 2007.
"We expect about Rs 50 crore from the US and European market and an equal turnover from Asia Pacific next year," Handa said. The company has its presence in over 60 countries across the globe.
"Our focus is more on overseas market and as part of that we also plan to explore Middle East and African markets," Handa said.
The total strength of employees is about 2,500, of which 325 are from overseas.
