Paras Pharma gets the magic potion to quell rumours

FACES 2004

Speculations were rife throughout 2003 that the Ahmedabad-based over-the-counter (OTC) major Paras Pharmaceuticals Ltd will sell off the company or at least its popular brands.

A section of the media also went on to publish the names of the companies which will buyout Paras or its brands along with price details.

However, the company's plan to tie up with the New Jersey-headquarted Novartis Consumer Healthcare will make Girish Patel, chairman, Paras Pharmaceuticals, one of the most important faces to be watched during the current year.

The new year is going to be absolutely different for Patel and his company as the alliance forged with one of the top pharmaceutical and consumer healthcare companies in the world is going to bring in much fortune for the Rs 200 crore company.

Unlike most other companies in its status, Paras Pharmaceuticals does not have a public relation department as Patel believes that his company has a long way to go and the time for talking to the media is yet to arrive.

Patel believes that after Paras gains a stronger foothold following the new deal, his next aim will be making his dream project Sterling Hospital bigger and more dedicated to the cause of poor and middle-class people for whom modern medical facilities are still a dream.

Patel, known not only as an industrialist in Gujarat but also as a philanthropist, heads Paras and the Shantaben Patel Charitable Trust.

"He felt bad during last year when a section of the media widely wrote about his fights with his brother Darshan Patel, managing director of the company.

"But he never bothered to respond in his defense, saying that at the right time people will come to know that he has no intention to sell the company and go abroad as being speculated. Rather, he is concentrating on restructuring Paras for its further development," said a long-time associate of Patel.

Paras launched the Moov, Krack, D-Cold, Itchguard and Liv-On brands in different product categories. These products continued to be on the success path. With the new alliance, Paras is looking for going global at a time when every company dreams about going global.

The new entity, which Paras will set up with Novartis in the next few months, will be watched closely by the industry and all concerned.