Omkar Speciality Chemicals enters vitamins segment

Company is planning to begin manufacturing of Vitamin C and folic acid from January 2016

Omkar Speciality Chemicals (OSCL), which manufactures inorganic and organic intermediates and active pharmaceutical ingredients (APIs), is foraying into the vitamins segment.

"We are entering the vitamins segment and are waiting for environmental clearance, which is expected anytime. We are planning to begin manufacturing of Vitamin C and folic acid from January 2016," Omkar Speciality Chemicals Whole-time Director Omkar Herlekar told PTI.

The company's product segments include iodine compounds, selenium compounds, intermediates, resolving agents, veterinary growth enhancers and APIs, which comprise more than 200 products.

OSCL, which exports to 38 countries, is looking at entering newer markets like Australia and New Zealand from March-April 2016.

"We have applied for Therapeutic Goods Administration (TGA) approval, the regulating authority, for exports to Australia and New Zealand. We are expecting the TGA approval soon and expect to start exporting by March-April next year," Herlekar said.

On the back of these new developments, the company has set a target of Rs 620 crore revenue and profit after tax (PAT) of Rs 60 crore in the 2016-17 financial year.

The company's revenue was at Rs 270 crore and PAT was at Rs 25 crore in 2014-15.

OSCL is also looking at acquisitions of domestic company dealing with formulations in dosage form with good overseas marketing network, he said.

"We have already shortlisted two companies and are in advanced stage of negotiations with them. These domestic companies deal in formulations in dosage form and have all approvals intact with good overseas marketing network. We will acquire one company with an investment of Rs 75-85 crore by swapping of shares," he said.