To invest Rs 325 crore in Dahej SEZ
While Torrent Pharma has put its plans for setting up formulations unit at Zydus Group's special economic zone (SEZ) in a 'wait-and-watch' mode, the company has lined up investment of Rs 325 crore for setting up a unit in Dahej SEZ.
Torrent had planned to invest close to Rs 100 crore for setting up a unit in Pharmez, the pharma SEZ planned by Zydus Infrastructure Ltd in Ahmedabad.
"Torrent will finalize its plans for the formulation plant at the Zydus SEZ depending on the market demand scenario," according to an official of Torrent group.
Torrent Pharma has firmed up its plans to set up a pharma manufacturing unit at Dahej, according to RJ Shah, CEO of Dahej SEZ.
The commercial production at the Dahej SEZ plant is scheduled for commencement from March 2013, according to Torrent officials.
A Zydus Cadila official said that land had been earmarked for Torrent Pharma and it was for them to decide when to begin operations.
He, however said that it was too early to divulge details like production capacity and products that would be rolled out from the unit.
Meanwhile, construction activity for a new formulation manufacturing unit at Sikkim is progressing well, in line with the plans. The expansion of API and formulation capacities at Chatral initiated earlier, are also progressing satisfactorily, the company said in a press release.
With an annual turnover of over Rs 1600 crores, Torrent Pharma is the flagship company of Rs 6400 crores Torrent Group.
Currently, Torrent has seven discovery projects in pipeline. It has filed 336 patents for NCE’s in all major markets worldwide, of which 144 patents have been granted so far. Torrent’s manufacturing plant at Chhatral has a capacity to manufacture approximately 3,000 million Tablets, capsules and vials and 15000 kgs of Bulk Drugs/API. The facility has already been approved by authorities from regulated markets like US, UK, Germany, Australia and South Africa. The manufacturing plant at Baddi has a capacity to manufacture 3,600 million tablets, 150 million capsules, 10 million Oral Liquid bottles and 12 million sachets per annum.
Meanwhile, Torrent Power, another group company of Torrent Group, is already in the process of setting up a 1500 MW power project in the special economic zone for which it has already inked an MoU with ONGC to supply bulk power of about 300 MW for the ONGC Petro Additions Ltd's (OPAL) upcoming petrochemical complex in the SEZ.
Dahej SEZ is a 50:50 joint venture between Gujarat Industrial Development Corporation (GIDC) and ONGC. Already 28 companies have firmed up their plans of setting manufacturing units in the area.
Besides power and pharma projects, Torrent has also evinced interest in setting up city gas distribution network in the SEZ.
