Bajaj Healthcare's Panoli plant ready to resume operations

New Delhi, May 11 (PTI) Bajaj Healthcare Ltd (BHL) on Wednesday said its manufacturing unit at Panoli in Gujarat, which was damaged in a fire incident last year, is ready to resume operations.

The plant is now ready to commence operations at an upgraded capacity and will start with the commercial production of citicoline sodium, which is used in the treatment of memory loss due to ageing, improve vision in people with glaucoma, and also helps with recovery in stroke patients, the company said in a regulatory filing.

The plant will commence operations with an upgraded capacity of almost two times of its previous installed capacity, not only in terms of API (active pharmaceutical ingredients) but also its required intermediate as well, it added.

"The growing demand of citicoline sodium and its widespread use to treat neurological disorders on a global level has created a promising opportunity for us to maximise its production capabilities dedicated to the compound," BHL Joint Managing Director Anil Jain said.

Citing industry data, he said at an optimum level, the addressable market size of this compound is expected to reach around USD 767.3 million at a CAGR of 14.9 per cent during 2022-28.

Apart from increasing the company's domestic market share, Jain said, "We also plan to expand our reach in the overseas market by increasing our export revenue through the already existing export channels and customers. We have strong orders from our existing customers and forecast a strong order book for our production in the FY23." BHL further said that with the plant now equipped with the latest technology and increased efficiency, it will now also produce intermediates required for citicoline sodium at the Panoli plant itself, which was previously being sourced from a different facility under the company's management.

BHL, which is one of the leading manufacturers of citicoline sodium in India, said it plans to cater to the expanding demand of the product with a positive impact on its margins owing to better realisation. PTI RKL AJ AJ