Business Standard

October 22, 2003

Sami Labs plans IPO

Sami Labs, the Muhammed Majeed-promoted healthscience firm, is planning an initial public offering (IPO) early next year.

The Rs 250 crore group has appointed international consultancy firm Ernst & Young to design the company's expansion plans and advise on a fund-raising programme.

Muhammed Majeed, chairman & managing director, said, “Till recently, we were an Indian multinational company with the US as our focus market and limited presence in India. We are now looking at consolidating our group companies under one umbrella and expand our operations in India in a big way. We envisage an investment of around Rs 100-200 crore over an one-year period.”

Besides Sami Labs, the other group companies include Sabinsa Corporation (in the US), Organic Aromatics and Anju Phytochemicals. The company has offices spread across Japan, China, Dubai, Europe apart from the US. The group's product portfolio includes nutraceuticals, standardised herbal extracts, fine chemicals, cosmeceuticals, probiotics and various enzymes.

The company is also planning to foray into formulations. It also has plans to set up a formulations manufacturing unit in India.

It has invested close to Rs 60 crore in its existing four production units at Bangalore, Singasandra, Kunigal and Mysore. It also invested Rs 6 crore in its research & development unit based in Bangalore.