 "Mankind Pharma to set up plant in the US")
Mankind Pharma is setting up a manufacturing plant in the US to establish its footprint in that market. Currently the company earns about Rs 30 crore annually from international business and it aims to grow it to Rs 100 crore in next five years.
Mankind Pharma said it is investing Rs 300 crore in the manufacturing plant in New Jersey, US -- its first plant outside India. At present the company has units in Himachal Pradesh and Rajasthan.
The company, which manufactures both pharma OTC and FMCG products, aims to be among the top three pharma companies in India and is focusing on chronic segments, nutraceuticals and cosmetology to attract global business.
R C Juneja, chairperson of Mankind Pharma said the company will developer innovative products for the US market and this would help the company to grow its product portfolio.
Apart from the US facility Mankind is also planning to export its products to developing markets of Asia and Africa. It also plans to enhance its presence in the Russia in the next 5 years while expecting generation of Rs 1000 crore from international business by 2030.