Kerala Vaidyashala Pvt Ltd, the Kuroop family-controlled company, which runs the Kerala Ayurvedic Health Spa across the country, is set to take ayurveda to Europe, Russia, Middle East, South Africa and Thailand.
A string of business proposals from multinational pharmaceutical companies and several financial investors are on the table of the company. It is also in the process of introducing 'good manufacturing practices' standard in its ayurvedic products manufacturing unit in Kerala.
The GMP certification will pave the path for exporting its ayurvedic products to these countries.
The company is currently in the process of setting up a national distribution network for its products.
Says Harshjeet Kuroop, director, Kerala Vaidyashala: "Ayurveda as a health and a healing concept has appealed to many outside India. We have several proposals in hand, including one from a multinational drug maker, to set up business abroad. We are looking at the high margin European market. Ayurveda and herbal concepts have already been approved in European countries like Germany."
Kuroop, however, refused to divulge the names of the potential partners with whom the company is exploring business opportunities. The company has identified the joint venture route as its business model for foraying into the international markets.
It plans to finance its expansion through borrowings from banks and financial institutions.
"We have experienced a phenomenal growth in the last couple of years. From a revenue base of around Rs 40 lakh (Rs 4 million), we will touch a turnover of Rs 3 crore (Rs 30 million) at the end of the current financial year," he added.
According to Kuroop, out of the 20 lakh (2 million) tourists visiting Kerala between April 2003 and April 2004, 22 per cent visited Kerala Ayurvedic Health Spa. Besides its two health Spas in Kerala, the company has set up exclusive shops in Mumbai, Delhi, Kolkata and Goa.
It also has tie-ups with resorts and hotel chains across country.The ayurveda healthcare segment, which is highly fragmented and unorganised, is growing at a compounded annual growth rate of around 14-15 per cent.