Friday, February 25 2005 18:54 Hrs (IST) - World Time -

Bangalore: Hikal Ltd today (Feb 25, 2005) said it will invest Rs 20 crore in building a new contract research centre at Pune, while it expects its revenues from Pharma business to shoot up to 50 per cent of total business in the next three years.

The Mumbai-based Hikal, a pharma and agro chemical R&D and product firm, said the Pune centre, the second after Bangalore, will be operational by this year end and have about 100 scientists, Hikal's Vice Chairman and Managing Director Jai Hiremath told reporters.

Hikal reported revenues of Rs 167 crore in 2003-04 and expects to clock over Rs 210 crores this fiscal.

The BSE-listed firm will open tomorrow (Feb 26, 2005), its upgraded small volume high potency active pharmaceutical ingredients (API) plant in Bangalore, which will produce steroids for its global customers.

"Apart from contract manufacturing, Hikal is also targeting long-term research contracts from the global life sciences companies," Hiremath said.

Hikal, which bought 51 per cent stake in Denmark's pharma marketing and distribution firm Marsing and Co, expects to show revenues from next financial year.

"We will be a Rs 500 crore firm when you include revenues from Marsing," he said.

Hiremath said the firm was open for diluting stake for raising funds for additional investments, but did not specify a time frame nor the extent of equity the promoters were willing to offload.

Hikal employs 700 people in 12 factories in five places across the country, officials said.