Integrated pharma company Nectar Lifesciences Limited will invest Rs 600 crore to set up a drug facility in Punjab.
The new plant will mark the company's diversification into different therapeutic spaces such as oncology, cardiovascular, anti-diabetics and anti- HIV segment.
The company also plans to increase sales three-fold in the next five years to about Rs 4,000 crore.
"The new facility coming up in Punjab with an investment of Rs 600 crore will mark the company's diversification into non-cephalosporin (therapeutic segment), aimed to cater to changing markets," Nectar Lifesciences Limited0 CEO and Whole Time Director Dinesh Dua told PTI here.
The decision of foraying into therapeutic segment will allow the antibiotic drug maker to cater to the growing global markets in the field of oncology, cardiovascular, anti-diabetics and anti- HIV, which is pegged at USD 150 billion at present, he said.
To be spread over 148 acres of land at Lalru in Punjab, the new facility, which will be company's 12th, is expected to be ready by 2011. "It will manufacture Active Pharmaceutical Ingredients (APIs) and formulations for the identified segments of oncology, cardiovascular, anti-diabetics and anti- HIV. The total production capacity of this plan is expected to be 1,000 MT per annum," he said.