Mumbai , March 12 (IANS) Japanese pharma major Daiichi Sankyo has drawn up a major business plan for the next two years under which it intends to better synergise its operations with its Indian arm Ranbaxy Laboratories and expand in Africa and Latin America.

Targeting a turnover of $3 billion for Ranbaxy Laboratories by December 2012, Daiici Sankyo said Friday the Indian arm will also establish its presence as the number one player in the country's prescription drugs and pharmaceuticals market.

"Daiichi Sankyo and Ranbaxy will collaborate in fast-growing emerging markets and fully deploy the hybrid business model," the company said, adding: "It will also expand its presence in African and Latin American markets."

Daiichi Sankyo feels better synergies with Ranbaxy will help the group grow at a faster rate than counterparts in Japan, Europe and the US.

Majority stake in Ranbaxy was acquired by Daiichi Sankyo in 2008 for little under $5 billion, including the entire 34.8-percent shares held in the company by the family of the Delhi-based brothers, Malvinder and Shivinder Mohan Singh.

The Indian company produces a wide range of generic medicines, has manufacturing units in seven countries, apart from undertaking research on several original molecules and novel drug discoveries.