MUMBAI, Aug 12: JB Chemicals & Pharmaceuticals has posted a 23 per cent rise in turnover to Rs 58 crore in the first four months of the current financial year (April-July, 1997) as against Rs 47 crore in the corresponding period of last year.

Addressing the company's annual general meeting here on Tuesday, chairman and managing director JB Mody said that his company was assessing the possibility of seeking strategic alliances with foreign drug companies for manufacturing and marketing of products. Mody said that this was mainly to facilitate better and more incisive penetration of export markets.

Mody said exports in the current year would continue to account for 40-45 per cent of the sales.

In 1996-97, the company recorded an export growth of over 52 per cent to Rs 72.33 crore compared with Rs 47.70 crore in the previous year.

The company has identified the natural products market as the key propellant for future growth, and has chalked out plans to tap the potential. It has already generated a turnover of Rs 45 crore in the natural products segment,and is hoping to touch Rs 150 crore in three years.

"JB Chemicals wants to carve a niche and garner a chunk of the global natural products market estimated at $400 billion,'' said Mody.

Regarding the company's Rs 11.5-crore project to manufacture ampoules and tablets at Panoli, he said it was progressing according to the schedule. Trial production is expected to start by December 1997, with commercial production beginning in April 1998.

On completion of the project, Mody said the company would access the lucrative export markets of western Europe and North America more aggressively.

The company has chalked out a phased strategic plan based on operational strengths and core business competencies en route to globalisation, he said. He said the company would continue its thrust on research and development through upgradation of research facilities.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.