Roselabs wants to raise US$21 million to fund expansion
Roselabs Ltd revealed plans to raise around US$21 million through private equity funding to expand its operations.
"We are looking at raising Rs 100 crore (US$21 million) through private equity to fund our expansion plans. We are also talking to some financial institutional players to raise funds," Roselabs Executive Zameer Agarwal said.
The company, after raising the funds, will now concentrate on contract processing, improvement of any formulation in pre-filled syringes, producing empty polymer and glass syringes, enhancement of customised drug shipping and delivery system, and enhancing its marketing programs under its own brand image, Agarwal said. Ahmedabad-based Roselabs Group have already successfully set up a facility that manufactures end-to-end pre-filled syringes. This production plant is the first of its kind in the world. The equity funding they will get would help finance these expansion plans.
Roselabs have invested more than US$84 million for their new ventures. These projects includes the pre-filled syringes facility at Ahmedabad in Gujarat. The facility has a capacity to generate about 800,000 syringes a day. The production facility has the capacity to make both polymer and glass syringes.
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