To further expand its market, Pune-based Cilicant Chem, a market leader in the active pharmaceutical packaging manufacturing in India, will set up its facility in Hyderabad in the next 2-3 years with an investment of about Rs 50 crore. “We are foraying into the South Indian market through Hyderabad where there is huge market potential for growth,” said Manish Jain, managing director of Cilicant Chem.
“By expanding to Hyderabad, one of the fastest-growing base for active packaging manufacturers in India, and consolidating our marketing operations in the city, we would like to tap the potential of this market as part of the growth plan chalked for next couple of years,” said Jain.
“We are in the process of setting up our third manufacturing plant in Pune at an estimated investment of Rs 25 crore,” said Jain. The third plant product range, specially designed for the healthcare industry, comprises of desiccant sachets/bags, canisters and oxygen absorbents, according to Jain.
Jain said that Cilicant Chem is targeting a revenue of Rs.200 crore in FY 2025. “We expect to close FY 20 with a turnover of Rs 45 to 48 crore, growing annually at 50% every year after achieving the market growth of 18%.”
Giving the overview of the industry, Jain has pegged the Indian pharma desiccant market size at Rs 500 crore, with India being the largest provider of generic drugs globally. “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.