This comes after the Madras High Court, in a recent injunction, restrained unlicenced e-pharmacies from doing business.
The company currently has a loan book of Rs 530 crore. Arulmany said the he expected the loan book to increase to over Rs 800 crores in FY18-19 and then up to Rs 1500 crores in the following fiscal, FY19-20.
The Tamil Nadu Chemists and Druggists Association had earlier filed a writ petition in the Madras High Court to block websites from India which sell Schedule H, H1and Schedule X medicines.
The additional capacity is planned at its facilities in Bhopal, Madhya Pradesh and Karnataka.
The company said the capacity expansion is targetted towards growing demand for its products from the automotive industry and will primarily serve Hyundai Motor India.
South Korean auto major Hyundai Tuesday said it will bring back its once popular hatchback, Santro in an all new avatar in India later this month.
The health ministry had on August 28 published the draft guidelines for e-pharma companies, giving stakeholders 45 days to make suggestions.
The company’s joint research with the university proposes to address what it termed “an industry white spot” - cyber security for conventional drivetrains.
Following the issuance of the draft guidelines by the government, stakeholders are expected to send their suggestions within a forty-five day period that will end in early October.
The IIT researchers will develop algorithms which, when combined with observations by subject matter experts, will recommend financial products.
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