Eye-care major Care Group eyes foreign market

Company to invest Rs 55 cr at its existing plant in Dabhasa.

Care Group, the largest manufacturer of intra-ocular lenses (IOL) in Asia, is expanding its intra-ocular lens production facility with the expansion of its existing plant at Dabhasa at for Rs 55 crore.

The company has Contacare Opthalmics and Diagnostics already functioning there. The new plant will add to the capacity of the Vadodara unit.

Presently, the unit has a production capacity of 2.5 lakh IOL per month and the capacity will go up to 3.5 lakh lenses expansion of the Dabhasa plant, it will see a 40 per cent rise in production.

Care Group is the third-largest manufacturer of intra-ocular lenses in the world. The lenses are mainly used for post-cataract operations and various kinds of eye dysfunctions. About 60 per cent of its products are exported. The product range includes IOL, Viscolon, diagnostic strips and contact lenses.

Talking with Business Standard, group chairman Lal Dave said the company is eyeing 100 per cent growth by the end of this fiscal year with taking total turnover to Rs 200 crore from present Rs 100 crore.

"The group's progress has been good in the first quarter of 2007-08 with 60 per cent growth over the last year results. It can be attributed to the increase in the awareness level of people about eye care in India and abroad. There are huge potentials to explore foreign markets. We are in the process of establishing more 100 per cent export oriented units," he said.

Right now there are four plants working at Vadodara, Dabhasa and Bhavnagar . Dabhasa plant is a 100 per cent EoU. The company is mulling over going public but there are no plans at present as the requirement is met by retained funds from the profit, the chairman added.

The group is also involving in social services. Some 93 employees of the 643 in the workforce are differently-abled, making up 14 per cent of the strength.

For this feat, the organisation has won state and national Best Employer awards. The group is also providing specially-designed lenses for unique cases at subsidised rate.