Pharma major Wockhardt expects to close all issues pertaining to its corporate debt restructuring (CDR) in the next few months, a top company official said.
"We have already sorted out the issues of Indian lenders. In the case of others, we have managed to sort out most of the issues and the remaining would be taken care of in the next few months," Wockhardt's Chairman Habil Khorakiwala told reporters on the sidelines after the company's AGM here on Monday.
Indian banks have approved the restructuring scheme of the company's debt, he said.
"We have a positive cash flow and we are able to repay the CDR till 70 per cent...a major part of the derivates are settled," he said.
On the foreign currency convertible bonds, Khorakiwala said its paid-up capital would increase 20 per cent on the conversion of foreign currency convertible bonds (FCCBs), adding the company was in discussion with FCCB-holders on the conversion rates.
Wockhardt had FCCBs worth Rs 446 crore on its books as on March 31.
FCCBs were due for repayment in October 2009 and this liability was comprehensively covered by the corporate CDR, the company's annual report said.
On the company's growth prospects, the Wockhardt chief said: "We expect our revenue to increase by 15-20 per cent year-on-year for the next three-years, in the domestic as well as foreign markets. We will be investing more in R&D to get good quality products for export to the US and UK."
The company has plans to concentrate on generic and bio-tech products. "We will further expand our product offerings by introducing new ones that are technologically superior in various therapeutic areas. The bio-tech products market has a huge growth potential. We are in discussions with companies in order to reach out to various markets on a B2B basis," Khorakiwala said.
Currently, the company has received approval for 87 generic drugs from the US Food and Drug Authority, with many more filings and approvals yet to come, he said.
The company will shortly commence operations at its Rs 170-crore sterile manufacturing facility at Shendra near Aurangabad in Maharashtra, he said, adding the company is still to spend around 20-30 per cent of the proposed project cost at the Shendra facility.
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