Vikas Lifecare Limited has acquired 22.04% of total outstanding shares through open/off-market deal(s) from public shareholders of Advik Laboratories Limited (Advik), a pharmaceuticals company having a manufacturing unit in Delhi NCR.

It is pertinent to be shared that Advik management achieved an arrangement with its bankers for settlement of bank dues and pursuant to this arrangement Vikas Lifecare has already paid Rs. 25 million to the Advik bankers till date and the remaining amount shall also be paid within July 2021, making Advik a debt free company.

Chandan Kumar, CFO, Vikas Lifecare Limited said, “We will be infusing further Rs. 20 million in Advik to kickstart the operations and will subsequently line up more funds towards the working capital as the operations gain momentum.”

“We will now be focusing on a detailed analysis of the ground situation over the next 30-45 days, including the plant, raw material supply lines, WHO and other required registrations etc. and chalk out a plan accordingly to start the operations as soon as possible,” said Vijay Sharma, CEO, Vikas Lifecare Ltd.

“The recent series of fast and aggressive decisions venturing into newer business arenas to feed the growth spurt that had been targeted, and the instant response received from all sides, has generated a renewed energy for us. The acceleration is sure to be an exhilarating experience for the young and dynamic management as well as the frontline team,” added Sharma.

In the domestic market, Advik Laboratories Ltd. has been supplying pharma products to large Indian pharma companies on contract manufacturing basis, like Dr. Reddy Laboratories Limited, Cadila Pharmaceuticals Limited, Abbott India Limited, Torrent Pharmaceuticals Limited etc.

The company has also been exporting its products, mainly to countries in South East Asia and the African continent. Advik has a team of PhD and postgraduate scientists and quality control teams that ensure their R&D lab innovates novel formulations suitable for the changing requirements of patients.