In keeping with its increased thrust on new markets, Indian pharma major Ranbaxy said on Friday that it has established a subsidiary in Russia with 120 people to begin with and it will expand operations there substantially by expanding the employee base next year.

"We have had three thrust markets -- the United States, Europe and BRIC (Brazil, Russia, India and China). Now we have added Russia to our operations. We plan to hire more people there next year," joint managing director and CEO designate of Ranbaxy Laboratories Brian Tempest told PTI in New Delhi.

He said at present there are 120 people in the Russian subsidiary, which is called ZAO Ranbaxy, but declined to quantify the new recruitments planned.

Asked about the company's growth expectations this year, Tempest said Ranbaxy is eyeing "between 17-20 per cent growth this year globally".

"In India, we expected growth this year to come from new product launches; last year was better than we expected."

Emphasising the fact that Ranbaxy appreciates and wants to hire competent people, he said the company has recently created four positions for vice-president.