Drug maker
Lupin on Wednesday assured shareholders that it has no plans to sell its
India business and said the company aims to be a $3-billion firm by FY14.
"India is a very important part of our business and we have no plans to sell it," Lupin Chief Executive Officer Vinita Gupta said.
"The speculations could have arisen, as the company was in talks with partners that could have been misconstrued as sale of company. Maybe people were trying to take advantage of market movement," Gupta said.
Media reports had earlier this month said the promoters had plans to sell the unit that markets medicines in the country and the sale could fetch $1 billion for the firm.
Lupin founder and Chairman Desh Bandhu Gupta at the company's annual general meeting here said that the drug firm aims to become a $3 billion company by 2013-14 fiscal.
"We have worked out our strength and I would say the certainty with which we can achieve our goals ... By the year after next year (2013-14) we should be a minimum $3 billion company," Gupta said.
To achieve its target, the company will try to expand capacities and also acquire companies in the countries it wants to foray into.
The firm will also try to increase its revenue from Japan, which will provide a fillip to its target.
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