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The Muthoot Group to add 400 Branches, tally to go up to 1500 by Sept ‘09

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Group to add 3000 employees across 20 states to cater to growing demand

The Muthoot Group, A Muthoot M. George Enterprise, one of the largest financial groups in the country having diverse business interests, has ushered the new financial year with the announcement of adding 400 more branches to its expanding network in the coming 6 months. This addition will take the branch count across the country to 1500 by September 2009.

Speaking on the occasion, Mr. M. G. George Muthoot, Chairman, The Muthoot Group, said “We offer quick, hassle-free loans solutions & other financial services and there has been a growing demand for these products. We are opening these branches to ensure we reach out to the unmet demand. While others are hesitant in giving loans, we are increasing our loan portfolio significantly. Over our 122 year old existence, more than 25 crore people have benefited from the gold-based lending pioneered by us.”

“Taking inspiration from our two elephant logo, we have always believed in putting in effort and growing despite adverse conditions. We expect to add around 3000 employees to cater to this growth.” added Mr. M. G. George Muthoot.

The Muthoot Group, with a network of over 1100 branches across the country has an annual turnover of Rs. 20,000 crores. The group’s multiple interests in businesses range from Financial Services, Infrastructure & Housing, Information Technology, Power Generation, Hospitality, Media to Healthcare & Education.

Muthoot Finance Ltd., the flagship company of The Muthoot Group, is the pioneer in ‘Retail Gold Finance’ and is the largest player in this segment worldwide. In continuation of its tradition in revolutionizing the retail gold finance, it has conceptualized ‘5-Minute Gold Power Loans’.

Written by sreelakshmi

13 April, 2009 at 8:21 pm

Lupin acquires majority stake in Multicare Pharmaceuticals Philippines, Inc

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Strengthens its position in the ASEAN market

Lupin Limited recently announced the acquisition of a 51 percent stake in Multicare Pharmaceuticals Philippines, Inc (MC) of Philippines. MC is a premium branded generics company with a strong position in the women’s health and child care segment. The company reported revenues of Php 272 Mill (approx. USD 6mn) for the year ending December 2008. The acquisition has been made with internal cash accruals by Lupin.

This acquisition, which is Lupin’s sixth since 2008, marks the company’s entry into the USD 2.5 bn pharmaceuticals market in Philippines, currently dominated by multinational companies. Under the agreement, Mr. Romeo Sy, founder, MC will continue to lead the company as President.

Commenting on the development, Dr. Kamal Sharma, Managing Director, Lupin Limited
said, “This is a very positive step ahead for Lupin to establish its stronghold as a top league generics company in the promising market of Philippines in the ASEAN Region. We have seen immense success with our previous acquisitions, all of which have been profitable. Taking this philosophy forward, we believe that MC is a strategic fit in Lupin’s business model. We will continue to focus and leverage on operational efficiencies and capitalize on synergies between the two companies to drive revenues at robust growth rates from the region in the near term.”

Multicare President, Romeo Sy said that the partnership will be of considerable benefit to MC’s position in the generics industry locally. “The equity acquisition by Lupin gives us increased access to international research and development, world-class manufacturing capabilities which will further strengthen our local position”, he said.

MC, with field strength of about 140 people enjoys a commendable franchise with the medical fraternity and harbors strong distribution alliances. The dedicated Global Business Development department of Lupin will ensure continual exposure to international companies and product opportunities. Lupin is amongst the fastest growing pharmaceutical company in India with dedicated R&D facilities and is vertically integrated with presence in many global markets. This strategic partnership will provide significant benefits for both parties. MC will gain access to Lupin’s existing product pipeline and manufacturing expertise, while Lupin will gain access to the established brands and supply chains in Philippines.