Commercial production to commence from next financial year
Kilitch Drugs, one of the leading listed pharmaceutical Indian exporters is all set to boost its expansion plans in Africa with its first manufacturing plant in Addis Ababa, the capital city of Ethiopia.
The company has been successfully operating in the continent for three decades in providing pharmaceutical solutions with more than 200 products registered and 250+ under registration.
With an annual Gross Domestic Product (GDP) of 10 per cent since 2013, Ethiopia has been a centre of focus for Kilitch in exporting and marketing drug formulations in solid, liquid and parenteral dosage forms. The company also has established and expanded operations across key African countries.
Bhavin Mehta, Director of Kilitch Drugs states, “We are highly optimistic with the move of setting up our first manufacturing plant in the African market. We chose Ethiopia since it is politically the most stable country in the continent. We are confident of the beginning of the plant’s operations by mid-2019”.
“The depreciation in the rupee has surged our exports to record high rising to Rs 43.51 cr in FY2017-18 from Rs 23.67 cr in FY 2016-17 and; contributed 90 per cent of our total revenues, he further added.
The manufacturing plant has approximately completed 60 per cent of its the construction with more machineries and peripherals started to arrive at the plant. The production from the Kilitch’s first plant is likely to commence from next financial year.
The company expects to generate a revenue of 500 crores in next 5 years as it is bullish on the African markets. With the sole concentration on its upcoming plant, the management will look forward to replicating the Ethiopian model to the rest of Africa.