GlaxoSmithKline looking for alliances/acquisitions in India, says CEO as he dedicates albendazole facility in Nashik

UK drug giant GlaxoSmithKline, like many other pharmaceutical majors, is looking to increase its presence in the fast-growing Indian market. "We are looking for acquisitions in India which are attractive to us. We are a very financially strong company," GSK chief executive Andrew Witty told reporters after inaugurating the company's facility for manufacturing albendazole, an anti-parasitic drug, at the Nashik site in India, yesterday.

The company said that it would go for a merger and acquisition plan this year in India. "After entering into 12 alliances in India, we are looking for more acquisitions. As we have seen strong growth in this country, we need more presence in this sector. We are financially strong and do not need any back-up from other sources," Mr Witty said. "India is a great emerging economy of the world and it's a key market for us. GSK (India) is very crucial part in manufacturing and organic growth plans," he said. "Alliances do not require huge capital and we can use this capital for the M&A deals in India," added Mr Witty, pointing to recent deals with Dr Reddy's Laboratories and Strides Arcolab for supplying generics.

$330,000 investment in new plant