Nod to Ranbaxy's Rs 265 cr SEZ

The Centre has cleared the Rs 265 crore special economic zone (SEZ) proposed by Ranbaxy at Mohali in Punjab. The approval is valid for 3 years and the company is expected to initiate its own manufacturing activity within the stipulated period at this pharma formulation specific SEZ.

The proposed Mohali zone, spread over 80 acres in Mohali Industrial Estate in Punjab, is expected to emerge as a preferred destination for export-oriented pharma industries and R&D facilities as well.

According to Ramesh Adige, executive director, Ranbaxy, since this manufacturing base is being set up with an objective to cater to the company's international markets, it will be establishing world class pharma facilities in this formulation specific SEZ.

"The investment in this export zone, which will be over a period of three-four years will be coming through Ranbaxy or its subsidiaries. The SEZ will provide reliable and cost effective solution to Ranbaxy and other pharma companies in terms of infrastructure, fiscal advantages, and it will also provide a strong boost to employment opportunities in the region thereby contributing to social and economic development in the state of Punjab," Adige said.

Ranbaxy, which has a production unit in Mohali already, is likely to set up a capsule division here. With this, it will manufacture solid oral dosage such as tablets and capsules. The proposed facility is expected be the the largest manufacturing site for formulations for Ranbaxy.

According to industry sources, Ranbaxy is also in talks with other pharmaceutical companies currently to attract investments to the Mohali pharma SEZ.

"A few agreements are likely to be signed with leading pharmaceutical companies to set up units in the export zone shortly," the sources added.