Company Watch

JB Chemicals to set up Russian subsidiary

Our News Bureau - Mumbai

JB Chemicals and Pharmaceuticals Ltd (JBCPL) a leading pharmaceutical player with a dominant presence in Russia and CIS countries announced its plans to set up a wholly owned subsidiary in Moscow, Russia, called ‘OOO Unique Pharmaceuticals Laboratories’.

International business continues to be the key growth driver for JBCPL for the past several years. Total exports of the company in FY 2004-05 accounted to Rs 211.38 crores. JBCPL's aggressive thrust on expanding export markets particularly Russia and CIS countries have yielded good results, as nearly 45 percent of company's turnover of Rs 370.00 crores comes from exports to Russia and CIS.

Russian pharma market is currently valued at $5.5 billion representing a huge potential for growth. To tap this huge potential, JBCPL plans to set up a subsidiary in Russia. The total initial investment is currently pegged at $3 million.

Commenting on the development, D B Mody, Director of JBPCL, said, "The company plans to grow its market share in Russia and CIS countries and maintain its leadership position with introduction of new products and novel technologies in much wider therapeutic fields in near future."