“Entering Sri Lanka is part of a global expansion strategy. The company has partnered with Sri Lanka’s Ceylon and Foreign Trades PLC,” the Elder Health Care Managing Director, Anuj Saxena was quoted as saying.
The Mumbai-based firm, which mainly sells in-licensed products, also plans to boost its own brands and will introduce about five to six products in the Indian market.
Saxena told Indian media that under the partnership, the company will launch oral care, skin care and personal care products along with deodorants, soaps, mouth wash, rose water, face wash and fairness creams under its own brands. He also informed that media that they are also looking at some acquisitions to enter the European market.
Apart from Sri Lanka, Elder Health Care also plans to enter Bangladesh, which is another lucrative market.
On increasing the portfolio of Elder Health Care’s own branded products, Saxena said “As part of our next five-year roadmap, we plan to build our own brands rather than go for in-licensed products.”
Based on this shift in strategy, the firm aims to have a 50:50 ratio between in-licensed products and owned brands in its portfolio over the next five years against the present 90:10 ratio in favour of in-licensed products. The Mumbai-based firm is also looking to more than double its revenues in the next two years from Rs 114 crore in FY’11 to Rs 300 crore by FY’13, riding on the back of its expansion plans.