During a press conference, Manish Jain, managing director at Cilicant Chem, said, "We are foraying into South Indian market through Hyderabad where there is huge market potential for their growth."
He said the company has firmed up its plans to set up a marketing base at Hyderabad soon.
"We are in the process of setting up our third manufacturing plant in Pune at an estimated investment of Rs 25 crore. We expect to close FY20 with a turnover of Rs 48 crore, growing 50% every year after achieving the market growth of 18%," Jain said.
According to Jain, Cilicant Chem is targeting Rs 200 crore in revenue by FY2025. He said the third plant product range, specially designed for the healthcare industry, comprises of desiccant sachets/bags, canisters and oxyen absorbers.
"While the pharma sector is of immense importance, there is also scope for growth for the active packaging industry in non-pharma sector, which is a Rs 2,500-crore industry,” he added.
Jain has pegged the Indian pharma desiccant market size at Rs 500 crore, with India being the largest provider of generic drugs globally.
Presently, over 80% of the antiretroviral drugs used globally to combat Acquired Immune Deficiency Syndrome (AIDS) are supplied by Indian pharmaceutical firms, Jain informed.
He further said, "We have classified clean room for manufacturing desiccants. Pharmaceutical desiccants are used to control the humidity and moisture inside the packaging in order to increase the product’s shelf life."
"In light of rising chronic diseases, it is estimated to propel the demand for pharmaceutical desiccants across the globe," Jain concluded.