Biocon Ltd, set to become India’s first biotechnology initial public offering, aims to grow 30 percent a year as it reaches into manufacturing of human insulin and cancer drugs, its chairman said on Friday. In an interview ahead of the company’s IPO expected in March, founder Kiran Mazumdar Shaw said she felt Biocon was key to the sector in India. “Being the first off the block, we have an important role to play,” Mazumdar, who started Biocon with 10,000 rupees ($220) in 1978, told Reuters. “I am a kind of ambassador for the industry.” Biocon is India’s largest biotech company with an estimated revenue of 5.5 billion rupees ($122 million) and net profit of 1.2 billion to 1.3 billion rupees in the year to March 2004, up from 2.83 billion rupees and a profit of 422 million a year earlier.
