Ajanta Pharma to start work on Dahej plant early next year

Last Updated: Fri, Dec 07, 2012 07:42 hrs

pMumbai-based drugmaker Ajanta Pharma is all set to start work on its proposed formulations plant at the Dahej SEZ in the coming one to two months a senior company official informedpp"We will start work first on the Dahej unit which will begin in a month or twos time After that work on the Savli unit will begin We are currently working on the detailed engineering report The units will be operational by 2014-15" said Arvind Agrawal chief financial officer Ajanta PharmappThe Mumbai-based company is planning to invest Rs 400 crore in setting up two manufacturing units one at the Dahej special economic zone and the other at the Savli Industrial estate near Vadodara "We plan to export to regulated markets from the Dahej unit while the Savli facility would cater to the domestic markets" Agrawal said adding that the company decided to come to Gujarat attracted by the conducive business climate here in the stateppAjanta Pharma at present operates five manufacturing sites four within India and one in MauritiusppThe companys Paithan unit in approved by the US Food and Drugs Administration USFDA UKs drug regulator as well as health authorities in Brazil and ColombiappAjanta is currently present in therapeutic areas of anti- malarial cardiology dermatology gastroenterology musculoskeletal ophthalmology and respiratoryppExports contribute to around 60 per cent of the companys revenues from emerging markets of Middle East Africa and Latin America Ajanta Pharmas annual report for 2011-12 saidpp"We have two ANDA approvals from USFDA with another seven awaiting approval Our first product will be launched in the US market in first quarter of next financial year" the report addedppAccording to the Bombay Stock Exchange Ajanta Pharma touched a revenue of Rs 60427 crore in 2011-12 and net profits of Rs 6649 crore It plans to fund the Gujarat projects partly from internal accruals and partly from debt "We are yet to decide on the quantum of debt to be raised" Agrawal saidppAjanta Pharma has received the necessary approvals for its proposed plants in Gujarat informed H G Koshia commissioner Gujarat Food and Drugs Control Administrationp

More from Sify: