The third generation has taken over the reins at the estimated Rs 600-crore drug-maker Indoco Remedies.
After five decades at the helm of the 65-year-old Indoco, its Chairman and Managing Director, Mr Suresh Kare has handed over to his daughter Ms Aditi Kare Panandikar, as the new Managing Director and Mr Sundeep V. Bambolkar as the Joint Managing Director. The 42-year-old Ms Panandikar is the elder of Mr Kare's two daughters.
The 73-year old Mr Kare, as Chairman, will continue to participate in strategic decisions, the company said.
Ms Panandikar's elevation comes at a time when the domestic drug industry has seen high-profile acquisitions of local operations by foreign companies. Outlining the challenges before the management, she said, it included moving up the hierarchy of companies in the country, and expanding its international exposure through alliances.
Converting the company's strategies in the board-room to the battle-field that included the doctors' chambers and the shop-floor, besides supplying high quality products at optimum cost are some other challenges, Mr Bambolkar said.
The pharma space has over the last four-odd years seen generation-next get inducted into the business or on to the board of directors in several companies – including Lupin, Wockhardt, Sun Pharma, Cipla, Piramal Healthcare, Unichem and Zydus Cadila.
And this, even as 2008 saw Ranbaxy promoter-family's third generation exit the company.
International exposure
There was no specific significance to the timing of the decision to hand over the reins, said Mr Kare, who had come to Mumbai when he was 23 years old to join the company with sales of Rs 2.5 lakh. “Today it is 600 crore,” he said, adding that the money was all ploughed back into the company.
Indoco has international tie-ups with Watson, a generic-drugs major in the United States; South Africa's Aspen and more recently with Dutch group company DSM.
About 35 per cent of the company's revenues come from exports and the company looks to increase that ratio to about 50 percent by 2014, the management said. Indoco is also undertaking a Rs 60 crore expansion of manufacturing capacities.
Indoco shares were up close to two percent on the BSE, at Rs 410, on Tuesday.