One of the top pharmaceutical firms in India, Lupin is establishing a new formulation manufacturing facility at the MIHAN Special Economic Zone in Nagpur, with an investment of Rs 400 crore over a period of five years, PTI reported. The new formulation manufacturing facility at the Multi- modal International Cargo Hub and Airport (MHIAN) SEZ will take close to a year to be operational, the company said in a statement.
Though, Lupin did not specify the investments to be made in the new facility, sources said it will be 'around Rs 400 crore in a phased manner over a period of five years', the agency report further said. Lupin held the ground breaking ceremony of the plant this morning.
Commenting on the development, Lupin Ltd Group President and Executive Director Nilesh Gupta said: "The strategic investment in the new formulation facility at MIHAN is not only in keeping with the consistent growth that Lupin has witnessed across key markets like US, but it would also ensure that our manufacturing capacities are attuned to future demand".
Lupin will be using the Nagpur facility to export formulations to developed markets like US, Europe, Japan and along with some key emerging markets. The firm operates eleven facilities across India and Japan. It has been investing in excess of $ 100 million on capital expenditure each fiscal for the last three years.