3 pharma units ayed in MP

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Indore, July 1 (UNI) The Madhya Pradesh government has ayed proposals for setting up three pharmaceutical units with an investment of Rs 275 crore in special economic zones here and at Gwalior.

The Glenmark group would establish two units -- Rs 175 cr -- while Teva API India group would set up one over 29 hectares at Gwalior. The latter unit's products would be exported only and the group has three such pharma units in neighbouring Uttar Pradesh, sources said today.

The proposals were approved at a meeting in the presence of Commissioner (SEZ Development) S K Bansal and Madhya Pradesh State Industrial Development Corporation Managing Director Raghavendra Singh.

Glenmark Pharma would pump in Rs 62 cr for manufacturing lotions, tablets, capsules, syrups etc that would lead to export of Rs 1,099 cr worth of goods over the next five years. Glenmark Generics would invest Rs 113 cr in the second unit for tablets and capsules that would result in export of Rs 1,238 cr over five years.

Both units were expected to be operational by 2009-10. Investment proposals for 19 pharma units have been ayed for the SEZ here including units of Cipla, Ipca, Lupin, Medgel, Mission Pharma and Symbiotic Pharma.

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