3804 Investors following Strides Arcolab. Share this News with them.
0
Like this story, share it with millions of investors on M3
Strides set for domestic foray, bids for Grandix brands
Strides Arcolab on Tuesday made its first move towards domestic market foray by unveiling a plan to buy all the brands of Chennai-based Grandix Pharmaceuticals.
Strides Arcolab on Tuesday made its first move towards domestic market foray by unveiling a plan to buy all the brands of Chennai-based Grandix Pharmaceuticals.
This would be the first inorganic growth pitch within India for the 17-year-old Strides. Mr Arun Kumar, Vice-Chairman & Managing Director of the generic and specialty products export major, told Business Line, "Our intention is to kickstart our branded entry in the Indian market with this inorganic move. We have had no Indian market presence."
Begins due diligence
Strides is now in an exclusive negotiation with Grandix and has begun due diligence of all its brands. The Grandix brands have sales of Rs 50 crore across seven States. The valuation exercise should be completed by June this year, Mr Arun Kumar said.
As part of the India growth plan, it was looking at expanding its South-based operations towards north India, he said, without giving details.
The Grandix range includes anti-diabetic, anti-hypertensive and painkiller products. Grandix's turnover in 2006-07 was around Rs 100 crore. Only in December 2006, it sold its manufacturing plant at Alathur near Chennai to Iceland-based generics major, Actavis, for an undisclosed sum.
This would be the first inorganic growth pitch within India for the 17-year-old Strides. Mr Arun Kumar, Vice-Chairman & Managing Director of the generic and specialty products export major, told Business Line, "Our intention is to kickstart our branded entry in the Indian market with this inorganic move. We have had no Indian market presence." 
