Indoco buys anti-cold brand Karvol Plus

Drug maker Indoco Remedies today announced the acquisition of an anti-cold brand Karvol Plus from Slovay Pharmaceuticals for an undisclosed amount. The turnover of the brand is Rs 6 crore.

Suresh Kare, chairman of Indoco Remedies, said: "The acquisition marks a significant development in our strategy of strengthening the product portfolio.

"We are confident of developing the brand through our strong marketing network and aggressive promotional exercise. In doing so, we hope to double revenue from this brand alone in the next two to three years."

The current acquisition, according to the company, would bolster Indoco's existing line of brands which include 'Febrex Plus' in the anti-cold segment and 'Tuspel Plus' cough syrups.

These brands registered annual sales of Rs 35 crore, contributing 19.5 per cent of total turnover for year ended June 2004.

The company claims to be among the top three players in the anti-cold and cough segment in terms of sales in India with sales to the tune of Rs 40 crore.

Besides cough and cold, Indoco Remedies has a significant presence in pain management, gynaecology, paediatric, cardiology and diabetology segments. It has a manufacturing facility at Mumbai and two units in Goa.

Indoco is currently in the process of expanding its facilities - expansion at one of the company's plants in Goa is expected to be complete in December 2004 and will comply with US-FDA requirements.

The new tablets, liquids and creams manufacturing facility at Baddi, Himachal Pradesh, would go on-stream in October 2005.

The new active pharmaceutical ingredients manufacturing facility at Lotte Parshuram, Chiplun is also expected to be operational in October 2005, the company said in a media release.