Aim to become a research-based co in 10 years; no plans to sell assets: Wockhardt

Published On: 06, Dec 2017 | Source: moneycontrol.com

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Habil F Khorakiwala, Founder, Wockhardt in an interview to CNBC-TV18 on the channels 18th Birthday said the company continues to see decent growth across all geographies.

He said they are working on a drug discovery programme for antibiotics and all the products are moving into phase III clinical trial and within next 2-3 years at least 1-2 products would be in Indian as well as global markets.

With regards to the USFDA observations, he said they going ahead with remedial actions and plan to offer the facilities sometime next year for inspection.

When asked about the status of their , he said they have temporarily discontinued operations there and are currently focusing only on other few plants. The people from that plant have been moved to other places, said Khorakiwala.

He also confirmed that there are no plans to divest any of Wockhardt businesses and neither do promoters have any intention of divesting their stake in the company.

Although they have no plans to sell assets to raise money, there is an enabling board resolution in place to raise money of about Rs 1000 crore, said Khorakiwala, adding that as of now they have no plans to exercise the action.

He said they are in a transformative stage to become a research-based company in next 10-years, said Khorakiawala.