INDIA BUSINESS WORLD SEPTEMBER (16th - 30th) 2007
The Month that was ...
DOMESTIC PHARMA MAJOR LUPIN BUYS BARODA-BASED RUBAMIN LABORATORIES LIMITED (RLL)
Domestic pharma major Lupin has announced that it had acquired Baroda-based Rubamin Laboratories Limited (RLL) for an undisclosed amount, in an attempt to grow its Contract Research And Manufacturing Services (CRAMS) business.
RLL, a subsidiary of the Rubamin group, manufactures advanced intermediates and Active Pharmaceutical Ingredients (APIs) and provides research services to companies across Europe, Israel, Brazil, Argentina, South Korea, Japan and the US. The company has annual revenues of around $10 million.
"This acquisition will allow us to create a separate base for our CRAMS business and give us a strong customer base," said API group president Satish Khanna. "While CRAMS contributes to a very small share of our revenues today, this segment is expected to become a major growth driver for the company in the next few years."
The Rubamin group has diverse interests in mining and metallurgy in India and Congo. The group's core activity comprises of processing cobalt metal, cobalt salts, nickel salts and copper sulphate from cobalt bearing ores, concentrates and other cobalt-nickel-copper containing recyclable materials. Rubamin also manufactures and exports zinc. RLL was set up in 1995, when the group decided to foray into the pharmaceutical business.
"RLL divestment is part of larger strategy of the group as it intends to focus on its core expertise of mining and metallurgy," said Mr Khanna.
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