Zandu Pharmaceutical Works, the Rs 76.35-crore ayurvedic major, has chalked out a Rs 22-crore expansion plan and is scouting for partners to distribute its products overseas.
D M Parikh, vice-president of the Zandu Pharmaceuticals, said that the Rs 22-crore corpus would be utilised mainly for expanding the capacity of the formulations plant which is based at Silvassa in the state of Gujarat.
The plant, which will produce powders, liquids and ointments, will start commercial production by October this year.
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The expansion will be funded by a Rs 13.5-crore loan from Industrial Credit and Investment Corporation of India (ICICI), with the rest to be sourced through internal accruals.
We are also setting up a small plant in Dindigal, Hyderabad, for products like balms and ointments, he said.
The company already has plants in Mumbai and Talasari in Maharashtra, Vapi in Gujarat, Unnao in UP, Piparia in Dadra and Nagar Haveli and Medak in Andhra Pradesh.
It has lined up the three products this year.