Piramal invests $55 million to upgrade API plants

In a boost to its contract manufacturing business, Piramal Enterprises has invested $55 million (around Rs 360 crore ) to upgrade its active pharmaceutical ingredient manufacturing plants in India and the US.

Healthcare is the largest segment of the company and contributed to around 47 per cent of the company's FY 17 revenue of Rs 8,547 crore. Within healthcare, contract manufacturing is the largest division accounting for 60 per cent of the segment revenue in last fiscal.

The contract manufacturing business supports clinical trials and drug development of other companies. It has five manufacturing sites in India, the US and Europe.

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