Indoco Remedies announced today that it has won major tenders worth Rs140cr in Germany, including the AOK for Allopurinol Tablets. The revenue expected from this business is Rs70cr per annum. The supplies to Germany will begin from January 2021 and continue till end of 2022. API consumption will be approx. 100 metric tons per year for this supply.

Indoco manufactures Allopurinol API at its new API manufacturing site at Patalganga. The new API site has a capacity to manufacture 25 tons of Allopurinol per month or 300 tons annually.

Commenting on this development, Aditi Kare Panandikar, Managing Director - Indoco Remedies Ltd. said, “This is Indoco's first own label product in Europe. Germany is totally tender business and Indoco has won almost 80 - 85% tenders for Allopurinol. This is a tender order for supplies spread over two years and if we are competitive, we may get repeat orders when the tenders are floated after two years. We believe, because of backward integration, we will remain competitive and completely in control of supplies.”

Indoco was currently trading at Rs301.40 per piece down by Rs5 or 1.63% on the BSE, at around 1.12pm