UK Modi group looks at Rs 1,000 cr revenue by 2012

Pharma and cosmetics player, UK Modi Group of Industries today said it is looking at Rs 1,000 crore in revenues by March 2012, on the back of growing spend on healthcare, lifestyle and wellness in India.

 "We are likely to close the current fiscal with revenues of around Rs 750 crore. By the fiscal 2011-12, we are looking at clocking Rs 1,000 crore in sales," Modi Group of Industries Chairman Umesh K Modi told PTI.

He said the group's pharma businesses -- comprising Modi-Mundipharma and Win-Medicare -- accounts for about Rs 400 crore in revenues. Besides, about Rs 200 crore is accounted for by the cosmetics business under Modi Revlon, while the rest comes from various other businesses.

Modi said the group's new firm Modi Omega Pharma (India), a 50:50 JV announced last year, has become operational with the launch of anti-snoring spray Silence on Tuesday.

Claiming that it is the first-of-its-kind product in the country, he said, Modi Omega will focus on producing OTC (over -the-counter) products in the Self Care and Wellness categories.

The company will market products made at Modi group's existing facilities, for which about Rs 20 crore has been spent on expansion.

On overall investments the group has lined up for expansion, Modi said, "We have invested about Rs 50 crore in the past couple of years and will invest around as much in the next two years, mainly on marketing."